Blockchain is a technology that enables trustworthy, transparent and verifiable interactions and transactions. Blockchain therefore has the potential to boost the European economy and also benefit European society. 32 % of blockchain start-ups are located in Europe (in 2019) – a technology where European SMEs can have a major start. Blockchain technologies are particularly important for the digital sector: trust is a key element in ensuring the growth of the digital economy.
The European Commission therefore supports blockchain technology at political, legal, regulatory and financial levels. To strengthen Europe’s leadership in blockchain, the European Commission has launched various initiatives, including the Innovation Support Action under Horizon 2020 (INNOSUP).
INNOSUP actions supported a number of blockchain related projects to show how policy makers and innovation agencies can support SMEs in adopting blockchain. These actions aim at removing obstacles to the introduction of blockchain.
The report ‘Blockchain in Practice: Promoting blockchain and DLT in European SMEs’, published in September 2021, presents five INNOSUP projects and their results. In total, around EUR 10 million was spent, of which EUR 5.1 million was dedicated to SMEs.