Luxembourg targets the setup of a blockchain hub of excellence
Luxembourg took steps today to strengthen its position as an EU blockchain hub
Five major actors from the technology ecosystem launched a cross-industry collaboration to drive the adoption of blockchain and other distributed ledger technologies (DLTs) for the benefit of the Luxembourg economy and society: Infrachain, LëtzBlock, LHoFT, LIST and the University of Luxembourg’s SnT. The goal of the consortium is to set up a landmark EU hub for blockchain research, education and industry projects, as well as develop industry capabilities to aid the deployment of the latest blockchain and distributed ledger technologies (DLT).
According to the World Economic Forum, 10 percent of global GDP will be stored on blockchain by 2027 and the World Trade Organization estimates that, by 2030, blockchain deployment could add $3 trillion to international trade.
The collaboration formed today seeks to combine the expertise and research capabilities of academia with strong industrial leadership. The partners will define a strategic framework for action focused on three key priorities.
Firstly, to conduct competitive research, development and innovation in Blockchain and other DLT technologies with a focus on industry verticals such as finance, health, industry, mobility and logistics. Secondly, the partners seek to set up a blockchain competence community, by providing relevant training and education targeted at all stakeholders, from C-level to technical experts. Thirdly, the partners aim to research and develop blockchain governance standards.
In line with the strategic ambitions of Digital Luxembourg, the setup of this blockchain hub of excellence is key to growing Luxembourg’s blockchain ecosystem, as well as its digital economy.
"I welcome the initiative launched by Infrachain, LëtzBlock, LHoFT, LIST and SnT. Technologies such as blockchain have the potential to revolutionize for the better large parts of our economy. Today, the foundation was laid to define the right strategy for blockchain competence development and then do what is necessary to drive the wide adoption of blockchain for the general good of the country."