The EC supports SMEs in the adoption of blockchain and related technologies with different initiatives. Switzerland takes an important role in this ecosystem.
On 3 September 2021, the European Commission (EC) published a report on how blockchain and other distributed ledger technologies (DLT) are promoted in small and middle-sized enterprises (SMEs). This article gives an overview over said report. Furthermore, it highlights different initiatives under the European Blockchain Strategy, including the European Blockchain Observatory and Forum. SwissCore talked to Marcus Dapp, Head of Research at Bitcoin Suisse AG about his engagement within this initiative (see success story video).
The recent report published by the EC portrays five “Innovation in SMEs” (Innosup) projects, which were a part of Horizon 2020, the predecessor framework to Horizon Europe. SMEs often do not have sufficient personnel or the right skills to implement novel technologies. The report shows how the Innosup projects supported SMEs in accelerating blockchain and DLTs for SMEs, as well as how they improved cross-border and cross-sectoral collaboration across regions and value chains. Additionally, the Innosup Actions promoted peer-to-peer learning of innovation agencies to improve innovation support services.
The Innosup projects demonstrate that the EC recognises the importance of blockchain and cryptocurrencies for industry, economy, and society. Blockchain technology allows people and organisations who may not know or trust each other to collectively agree on and permanently record information and execute transactions without a third-party authority. This opens up potential for many use-cases for the private sector, public services, and academia. According to the EC, blockchain offers the opportunity to revolutionise transactions and to help address the twin challenges of digital and sustainable growth through decentralisation. Furthermore, blockchain can help build a fair, inclusive, secure, and democratic digital economy in Europe.
To bring the European Union to the forefront when it comes to blockchain technology, the EC adopted the European Blockchain Strategy. The goals are to build a pan-European public services blockchain, to create legal frameworks and standards, to increase funding, to foster blockchain-related skills and to interact with the community. To reach these aims, the European Commission launched the European Blockchain Partnership (as mentioned in a previous SwissCore article) to develop a common EU strategy for blockchain. The Partnership helps to avoid fragmentation of the blockchain landscape by promoting close collaboration between EU countries. Additionally, the EC established the European Blockchain Observatory and Forum, which facilitates dialogue between decision makers, thought leaders, and the blockchain community. The EU Blockchain Observatory and Forum monitors blockchain initiatives in Europe and produce a comprehensive source of blockchain knowledge. Moreover, it creates an attractive and transparent forum for sharing information and opinion, makes recommendations on the role the EU could play in blockchain, and publishes quarterly trend reports.
According to a 2020 report by the Blockchain Observatory and Forum, Switzerland is one of the most advanced countries when it comes to blockchain and crypto-assets, not only in Europe but also globally. It is home to the so-called Crypto Valley in the canton of Zug, and to many blockchain companies such as the well-known Ethereum Foundation. Compared to other countries in Europe, Switzerland was early in clarifying the legal situation of crypto-assets, with the first report by the federal government published in 2018.
Dr. Marcus Dapp, Head of Research at Bitcoin Suisse AG, is a member of the Expert Panel of the EU Blockchain Observatory and Forum. In an interview with SwissCore, he states that being part of the EU Blockchain Forum and Observatory and Forum has several advantages: Firstly, Switzerland hosts some of the biggest players in the blockchain arena and the Crypto Valley in the Canton of Zug is an important knowledge hub globally. Secondly, Switzerland can share its experiences concerning blockchain regulations. Thirdly, the Observatory and Forum connect actors in the field, facilitating peer-to-peer learning.
To sum up, the European Union seeks to not only support SMEs in adopting blockchain and DLT, but has also established several initiatives and networking platforms where current trends and issues are discussed, where Swiss actors can also contribute with their expertise.