European Blockchain Institute To Research Blockchain Technology

An institute called European Blockchain Institute will be established to research blockchain technology. The North Rhine-Westphalia (NRW) state government will establish the institute.

“Internet of values” will be researched at the Fraunhofer Institute for Material Flow and Logistics (IML). The US-based scientists belong to the Information technology sector work on “Internet of Values”. NRW can become a pioneer as it has a chance and the institute.

Internet transactions will be handled quickly and forgery-proof using the blockchain technology.

The Economics Minister at NRW Andreas Pinkwart said, “This technology can be safe, decentralized, affordable and, when used properly, not too energy-intensive.” He has confidence that the “Internet of values” will prove more powerful.

The Fraunhofer Institute for Material Flow and Logistics (IML) was set up in the year 1981. It is located in Frankfurt (a city in Germany), Prien am Chiemsee (Municipality in Germany), and Hamburg (a city in Germany) along with Dortmund (the third largest city in Germany). It has its international offices in Lisbon (the capital of Portugal) and Beijing (the capital of China). It employs 290 people. It has 250 post-graduates and students.

Fraunhofer IML is recognized as the first address in the holistic logistics research. It operates in every sector of internal and external logistics. Solutions for companies is found out on one hand and preliminary research is carried out on another hand, according to Fraunhofer’s notion. Fraunhofer IML set up 120 companies and 11 research institutes. All these companies and institutes won the »Spitzenclusterwettbewerb«. Three directors of the Institute work for mechanical engineering faculty of the Technical University Dortmund. They also look after manifold research associations related to fundamental researching, according to the official LinkedIn account of Fraunhofer IML.

Actually, business-to-business (B2B) transactions will be recorded using the blockchain technology. The transactions can be related to licenses, subscriptions, contracts, and title deeds, Press Portal reported.

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