Former EU trade commissioner joins the advisory board of a DeFi insurance platform

Phil Hogan, who held the position EU Commissioner for Trade for less than a year, will join the Astra Protocol Advisory Council.

In an announcement on Tuesday, Astra said that Hogan would join the Board of Directors as an Executive Advisor, citing his experience in the European Commission and international relations. According to the project, the inclusion of the former EU Trade Commissioner would provide strategic guidelines for partnerships aimed at fostering the growth of the decentralized financial industry.

“Decentralized finance is growing in importance around the world, but the lack of strong legal protection has hampered the progress of large institutions.” Hogan states.

Former EU trade commissioner joins the advisory board of a DeFi insurance platform
Former EU trade commissioner joins the advisory board of a DeFi insurance platform

Astra claims to provide a legal protection layer for public blockchains with the aim of eliminating fraud and resolving disputes between users. According to the project, it appears to act as a medium between two parties who must both agree to enter into a smart contract on Ethereum, Polkadot, Cardano or another network. In the event of a dispute, Astra can intervene to “solve the problem quickly and inexpensively”.

The platform could provide a route for legal and other disputes to stay in the cryptocurrency space and out of the courts. In April a British task force did published a report proposing a framework to handle smart contract disputes. Since there are millions of cryptocurrency users spread across different countries with different legal systems, Smart contracts can offer an alternative to represent traditional claims, provided that they do not conflict with local or international legislation.

Hogan was EU Trade Commissioner for nine months from mid-December 2019. Last August resigned after dinner with 80+ people at the Oireachtas Golf Society in Ireland (many officials in the country had previously issued statements warning of gatherings during the pandemic). Hogan has since blocked or disabled many of its social media accounts.

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