News

European Commission Formulates a Blockchain Defense Funds Pool

news-image

The European Commission announced a new program to fund Blockchain defense concepts. The aim is to encourage the development of new technologies in the defense sector. The commission recently published a tender document for the European Defense Industrial Development Program. They called upon developers to leverage Blockchain to build defense applications.

EU Commission Wants Blockchain in Defense

Moreover, according to the European Commission announcement, Blockchain is encouraged to develop defense applications. The European Commission recently released tender documents seeking tech companies well versed with Blockchain to develop applications directly resourceful for defense purposes.

The EU Commission listed different technologies and Solutions it is targeting giving developers the direction to work towards. The commission has set aside special funds to finance promising Blockchain-based defense projects right from development, test to launching the applications.

According to the announcement, the EU commission said the program would award grants towards the development of infrastructure. This includes abilities to harness real-time cloud data and physical gadgets using Blockchain technologies. The major focus of the commission projects solving issues with logistics needs in the defense sector including supply chains, maintenance, and energy needs.

$278 Million for Promising Blockchain defense Projects

Further, the commission announced that winning proposals would have access to its special grant funds over $278 million. The money will go to promising projects meeting the commission’s set criteria as grants to fully develop the particular Blockchain defense application. Also, the commission said it would fund only projects already working on the development of promising systems, products or services with a focus on defense and military functions.

It is expecting proposals from companies developing new systems and those adapting existing technologies for defense applications. The commission also expects companies working on existing technologies to deliver faster solutions and benefit from the funding program.

The commission will start receiving proposals from developers from April 15 and continue until December 1, 2020. Also, many military groups are already working on customized Blockchain applications for military purposes. Once successful the EU commission program will have at hand a bundle of Blockchain applications useful for tracking supply chains and resources in the entire EU defense organizations.

Show More

Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Related Articles

Back to top button
Close
Close