Latest report on EU SMEs: Blockchain and DLTs support program

Blockchain and DLTs are gradually becoming an indispensable part of the daily work of SMEs. Blockchain and other distributed ledger technologies (DLTs) are technologies to record information in a decentralized way. They have the potential to revolutionize the way we think about data, security and even money. In addition to currency and payment, they can also innovate the financial system and be applied to industry, trade, government and public sectors.

There are many high-quality research communities and a vibrant industry in Europe, which are both increasingly relying on digital technologies. Therefore, it is essential to build up an ecosystem that supports the development of blockchain. This can make SMEs more competitive and accelerate the transition to a sustainable economy.

For these reasons, the European Commission is strongly supporting blockchain technologies in industry, economy and society as a whole. Within Horizon 2020, the EU has so far funded 43 projects related to blockchain and DLTs in various sectors for a total grant amount of €172M. The Horizon 2020 Innovation Support Actions (Innosup) supported five blockchain related projects aiming at showing how policy makers and innovation agencies can support SMEs in their adoption of blockchain by matching service providers with possible adopters.

The new report issued by European Commission reveals more details about Innosup. The program consists of three different actions: INNOSUP 3: Blockchain and DLTs for SMEs, INNOSUP 1: Cluster facilitated projects for new industrial value chains and INNOSUP 5: Peer learning of innovation agencies. Each action has its own focus, but together they cover a broad spectrum. A total of approximately €10M were spent on this project, of which €5.1M were spent on SMEs. More than 300 SMEs using blockchain and distributed ledger technology were selected to be funded.

Click here to learn about more details in promoting blockchain and DLTs in European SMEs.