The European Union will provide more than 450 billion won by 2020 along with a discussion on how to utilize and look for block chains.
The European Commission recently held a " European Union Block Chain Outlook and Forum ", organized by the European Parliament, to propose substantial future industrial support.
In the forum, which was led by Jakob von Weisaker, a European councilman, the major development of block chain technologies were examined and stressed the use of and participation of European block chains.
In a press release, the Commission assessed " a block of information stored on a network as a future technology providing high levels of traceability and security in online economic transactions. "
In particular, the Commission forecast that the block chains would influence digital services and alter business models in a wide range of areas in the future, including medical, insurance, finance, energy, logistics, intellectual property rights and government services.
Andrus Ansip, European Parliament's vice chairman, said, " We have eliminated the need for brokers in financial transactions, we have strengthened the potential of online security in the event of cyber attacks. "
Europes expectation is to serve as a stepping stone for Koreas block-chaining technology based on outstanding human resources and start-ups, Anshib said.
We can also secure trust and improve security while reducing costs, he explained.
Through the forum, the committee plans to encourage European industries and citizens to take advantage of the block chain.
The Commission stated that " many European countries have announced plans to enhance the use of block-chain technologies. " It stated that " the new paradigm to integrate expertise based on existing initiatives, and to address block chain implementations "
European innovators are already offering brick-chain-based solutions, the panel said, adding that the pilot projects are carried out by major players in traditional areas such as banks, insurance, and stock exchanges.
Meanwhile, the Commission has funded Block Chain Project through the European Union's Research Program ' FP7 ' and ' Horizon 2020 ' since 2013.
The committee is expected to provide up to 340 million euros (444.3 billion won) in financing for projects that can utilize block chain technologies by 2020.