The consortium, an initiative by Infrachain, LëtzBlock, LHoFT, LIST and the University of Luxembourg’s SnT, thereby brings together key academic and industry players to help grow Luxembourg’s blockchain ecosystem.
Developing industry capabilities for blockchain and distributed ledger technologies, building a competence community, and fostering governance standards are among its aims.
In a Wednesday communiqué, prime minister Xavier Bettel stated that he welcomed the initiative, adding that it laid the foundation “to define the right strategy for blockchain competence development and then do what is necessary to drive the wide adoption of blockchain for the general good of the country.”
Deployment of blockchain could add $3tn to global trade, according to the World Trade Organization, while World Economic Forum estimates that by 2027 some 10% of international GDP will be on blockchain.