(Luxembourg, 4th December 2019) – 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.
Xavier Bettel, Prime Minister of Luxembourg and Minister for Digitalisation commented: “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.”
Infrachain a.s.b.l. is a Luxembourg based non-profit organization with a European scope. The association was launched in May 2017 by several industry players under the impulse and with the support of Digital Luxembourg. Infrachain is committed to create an on-top governance framework allowing blockchain applications to become operational in the current regulatory environment. More information: www.infrachain.com
The Luxembourg Blockchain & DLT Association asbl (LëtzBlock) is a non-profit association created to promote the adoption of DLT and Blockchain technologies across both public and private sectors in Luxembourg. Within the thriving Luxembourg ecosystem thriving, LëtzBlock complements existing actors through its working groups and educational programmes. In addition to acting as an intellectual hub, it also provides an entry point to these technologies for stakeholders across all sectors – from start-ups to incumbents, industry to finance, addressing diverse topics ranging from technical standards to issues such as supply chains, identity records or e-democracy.
About The LHoFT Foundation
Тhe LHoFT Foundation (LHoFT) is a public/private national Fintech platform dedicated to federate and foster innovation within Luxembourg’s financial services community, ensuring its future competitiveness. The LHoFT serves as a soft-landing platform for Fintech that are looking to launch their activities in Luxembourg. Beyond incubation, the LHoFT creates value for the entire Luxembourg FinTech ecosystem: financial institutions, FinTech trailblazers, IT industry, research and academia as well as regulatory and public authorities.
The Luxembourg Institute of Science and Technology (LIST) is a mission-driven Research and Technology Organization that develops technology-intensive solutions for the digital and ecological age. LIST’s mission is to strengthen Luxembourg’s economy and improve its quality of life through technological innovation. To do so, LIST develops competitive and market-oriented product and service prototypes for public and private stakeholders. The “IT for Innovative Services” (ITIS) department focuses on the digital transformation of operations occurring in organizations, in particular, the data management in relation to security and privacy in different domains such as Blockchain Technology and Services, IOT, Artificial Intelligence and Big Data Analytics.
The Interdisciplinary Centre for Security, Reliability and Trust (SnT) is a research centre at the University of Luxembourg. SnT researchers, together with industry and public partners, address present-day challenges in information and communication technologies (ICT). The Partnership Program is a key component in SnT’s strategy - fostering the development of innovative ideas and establishing Luxembourg as a European Center of Excellence and Innovation in the field of secure, reliable, and trustworthy ICT systems and services. The centre’s demand-driven collaborative work with industry and government presents its 50+ partners with a genuine, long-lasting competitive advantage.