Past Event

The implications of Blockchain platforms

The disruptive forces of block chain technologies in markets and industries: a European perspective

Date: February 6, 2018, 12:30 pm Topic: Innovation & Competition Policy

VIDEO & AUDIO RECORDINGS


SUMMARY

In his kick-off presentation, Julio Faura, Global Head of Innovation at Banco Santander, claimed that blockchain technology will have the same to value as the internet had been to communication. He highlighted the principal advantages of decentralized ledger systems, such as blockchain, over traditional centralized ledger systems currently used by banks. While the latter have to be heavily secured, are costly, and do not allow innovation easily, the former is more resistant and resilient to attacks, cheaper to maintain, simpler in managing, more scalable and could be used for innovation. In addition, transactions can be done in real-time and without a verification system based on trust.

More recent innovations, such as smart contracts, would allow the execution of contracts within the blockchain system that are transparent to all parties. On step further, banks could issue their own token-based blockchain currencies backed with real currencies. Customers could use these token networks for real-world transactions and banks could use these networks for innovation without having to risk the security of the highly protected core databases.

Alastria, a Spanish blockchain, was developed by major Spanish companies and is between a fully decentralized network, such as Bitcoin, and a fully centralized solution. Alastria is a permissioned blockchain in which a subset of nodes, called validators, validate new members of the network as well as the transactions of the other participants. With this solution, Alastria is legally compliant and offers a counterpart in case of problems.

Johan Pouwelse, Associate Professor at Delft University of Technology and Founder of Tribler, shared his prospect on the blockchain technology. Blockchain technology has the ability to create decentralized systems in which trust will be crucial to stay in the ecosystem. By this, systems without middle men could be created and large efficiency gains could be materialized. Currently dominant intermediary platforms, such as in the taxi and hotel market, could be replaced by technical solutions in which all the money stays in the hands of the citizens.

Pēteris Zilgalvis, Head of Unit for Startups and Innovation in the Digital Single Market Directorate at European Commission (DG CONNECT), highlighted the initiatives by the European Commission such as the FinTech action plan, the mid-term review of the digital single market that aim to foster blockchain technologies. He claimed that Europe could become a world-leader in blockchain technologies and the European Commission tries to support this development by programmes such as recently launched EU Blockchain Observatory and Forum. Zilgalvis stressed the need for harmonization so that different national blockchain might be compatible in the future. One solution could be a “chain of chains”. Finally, he pointed out that the next long-term budget (multiannual financial framework) of the European Union will set new priorities in the field of blockchain technologies.

Anna Dimitrova, Energy Policy and Innovation Advisor at EURELECTRIC, gave some insights of the importance of the blockchain technology for the energy sector. She highlighted transparency, time stamping, and decentralization as main advantages of blockchains for the sector, and over-transparency, speed, scale, and costs as main (current) disadvantages. She presented a few pilot projects in which blockchain technologies are implemented in the energy sector and in which their possible advantages over other software solutions are tested.

event materials

Presentation by Anna Dimitrova

Presentation by Johan Pouwelse

Presentation by Julio Faura

Schedule

Feb 6, 2018

12:30-13:00

Check in and lunch

13:00-13:20

Kick-off presentation

Julio Faura, Global Head of Innovation, Banco Santander

13:20-14:15

Panel Discussion

Chair: Georgios Petropoulos, Research Fellow

Anna Dimitrova, Energy Policy and Innovation Advisor, EURELECTRIC

Julio Faura, Global Head of Innovation, Banco Santander

Johan Pouwelse, Associate Professor, Delft University of Technology (Computer Science). Founder of Tribler

Pēteris Zilgalvis, Head of Unit for Startups and Innovation in the Digital Single Market Directorate, European Commission, DG CONNECT

14:15-14:30

Q&A

14:30

End

Speakers

Anna Dimitrova

Energy Policy and Innovation Advisor, EURELECTRIC

Julio Faura

Global Head of Innovation, Banco Santander

Georgios Petropoulos

Research Fellow

Johan Pouwelse

Associate Professor, Delft University of Technology (Computer Science). Founder of Tribler

Pēteris Zilgalvis

Head of Unit for Startups and Innovation in the Digital Single Market Directorate, European Commission, DG CONNECT

Location & Contact

Bruegel, Rue de la Charité 33, 1210 Brussels

Matilda Sevon

matilda.sevon@bruegel.org

Read about event More on this topic

Past Event

Past Event

Investment and intangible capital

This event featured a presentation of the EIB's 2018 Investment Report.

Speakers: Román Arjona, Maria Demertzis, Debora Revoltella and Mario Nava Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: December 14, 2018
Read about event More on this topic

Past Event

Past Event

Emerging Trends in Competition Policy - A Global Perspective

How is global competition policy evolving given the challenges of the digital era?

Speakers: Cristina Caffarra, Antonio Capobianco, Kris Dekeyser, William Kovacic and Georgios Petropoulos Topic: Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: December 11, 2018
Read about event More on this topic

Past Event

Past Event

Environmental and economic effects of the EU ETS

What is the impact of the EU ETS on carbon emissions and economic performance of regulated companies?

Speakers: Sander de Bruyn, Antoine Dechezleprêtre, Beatriz Yordi Aguirre and Georg Zachmann Topic: Energy & Climate Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: December 6, 2018
Read about event More on this topic

Past Event

Past Event

Civil society for the digital age

What is the place of civil society in the digital age as well as the role of technology in society?

Speakers: Eline Chivot, Orla Lynskey, Bertin Martens, Georgios Petropoulos, Thiébaut Weber and Glen Weyl Topic: Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: December 4, 2018
Read about event More on this topic

Past Event

Past Event

How to speed up sustainable finance?

Which steps are needed to really change current practices and speed up sustainable finance?

Speakers: Sophie Barbier, Molly Scott Cato, Cathrine de Coninck-Lopez, Alain Deckers, Edmund Lakin and Dirk Schoenmaker Topic: Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: November 28, 2018
Read about event More on this topic

Past Event

Past Event

Reviewing the EU fiscal framework

What are the positive and negative developments and is there scope for improvement?

Speakers: Niels Thygesen and Anne-Laure Delatte Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: November 22, 2018
Read about event

Past Event

Past Event

European Banking Supervision: the past five years and prospects for the future

This event will look back at the first five years of the Single Supervisory Mechanism.

Speakers: Danièle Nouy and Guntram B. Wolff Topic: European Macroeconomics & Governance, Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: November 20, 2018
Read about event More on this topic

Past Event

Past Event

Does Europe’s anti-money laundering framework need a regime change?

Proposal for a more efficient fight against money laundering.

Speakers: Raluca Alexandra Pruna, Joshua Kirschenbaum, Tobias Mackie, Olaf Rachstein and Nicolas Véron Topic: Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: November 15, 2018
Read about event More on this topic

Past Event

Past Event

Distributional effects of climate policies

How do we design climate policies to minimize adverse distributional effects?

Speakers: Elena Jachia, Elena Verdolini and Georg Zachmann Topic: Energy & Climate Location: Centro Congressi Fondazione Cariplo, Via Romagnosi, 8, 20121 Milano MI, Italy Date: November 14, 2018
Read about event

Past Event

Past Event

Brussels Briefing Live: A conversation with Nadia Calviño

The Minister of Finance from Spain discusses challenges ahead of the European Council in December

Speakers: Guntram B. Wolff, Nadia Calviño and Mehreen Khan Topic: European Macroeconomics & Governance, Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: November 6, 2018
Read about event More on this topic

Past Event

Past Event

Europe: Back to the future of a political project

This event will feature a discussion on different ideas for reforming European Governance.

Speakers: Ulrike Guerot, Adriaan Schout and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: October 23, 2018
Read article More by this author

Parliamentary Testimony

European Parliament

Brexit and industry & space policy

Testimony before the European Parliament's Committee on Industry, Research and Energy (ITRE).

By: Reinhilde Veugelers Topic: European Parliament, Innovation & Competition Policy, Testimonies Date: September 25, 2018
Load more posts