European Blockchain Institute to be founded in German state

In a bid to further research the blockchain technology, authorities in the German state of North Rhine-Westphalia (NRW) have completed plans to establish the European Blockchain Institute.

The announcement which was released on May 13, quoted NRW Economics Minister, Andreas Pinkwart, as saying, the European Blockchain Institute will be located inside the Fraunhofer Institute for Material Flow and Logistics (IML), in the city of Dortmund.

Pinkwart also reacted to questions arising from sceptic’s, who claimed the that the amount of energy consumed by mining bitcoin (BTC) was much, according to him: “This technology can be safe, decentralized, affordable and, when used properly, not too energy-intensive.”

Europe is lagging behind the United States in blockchain advancements and “has to catch up,” this is the sole aim of establishing the institute, the press release said.

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