Earlier this week, local news outlet La Vanguardia reported a USD 13 million fund allocation by the Government of Aragon for the development of emerging technologies, including blockchain.
The source reports that the sum was co-funded by European Regional Development Fund (ERDF) and was double the amount initially intended in the original plan, hence, meeting the needs of up to 320 Argonese companies.
According to the news outlet, the specific objectives of the program dubbed Aragón Industria 4.0 under the Strategy of Economic and Industrial Promotion of Aragon 2017-2019 initiative, were designed to explore concepts and applications of emerging technologies in the industry 4.0 such as artificial intelligence, and blockchain technology as well as promote synergistic tech companies’ growth within its industrial sector.
Moreover, small and medium scale enterprises (SMEs) will be given an opportunity through the program to incorporate digitalization into their processes.
Blockchain exploration in Spain has had tremendous successes, and more ambitious prospects for blockchain within the country continue to spring up. Developments had included the proposed use of blockchain in resolving corruption and fraud within its economic system., the exploration of the distributed ledger use case in the logistics industry. In finance, a clear distinction was the successful completion of a USD 150 million syndicated loan through the blockchain. More exploits have covered other areas including agriculture, and the energy industry.
Perhaps this is an opportunity for Spain to mark its territory in the blockchain industry and also in other emerging technologies as it scales up funding into research and development, and attempts an SME inclusion system for the industry.
Other governments and institutes seem not to be slacking in the pursuit of prospects within the blockchain industry. Most nations and non-government related funds have invested large sums for research purposes into the emerging technology of blockchain.
Last year, the Chinese government was reportedly involved in blockchain related funding despite their stance on cryptocurrencies. One specific event that stood out was a USD 1.6 billion investment into startups by a blockchain fund and co-sponsored by the government of Shenzhen.
As nations and tech companies continue to race to become an all-encompassing entity on the subject of blockchain and other emerging technologies, the frontier of blockchain continues to expand while adoption slowly gains traction.
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