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European Commission sees potential in public permissionless blockchains—report
Crypto Briefing article about Prof. Fabian Schär's EU paper on enhancing financial services with permissionless blockchains
A report by the European Union examines the potential integration of permissionless blockchains into traditional finance. Authored by Fabian Schär, the paper advocates for considering permissionless systems within financial market infrastructures while proposing a cautious adoption approach. The report details the benefits such as enhanced neutrality and competition, the possibility of improved interoperability through smart contracts, and addresses challenges including scalability and governance issues. It also suggests that initial experimentation with financial services on public permissionless blockchains could start with layer 2 networks, which offer more scalability and control.