IOTA selected by the European Union to develop blockchain solutions


IOTA has been selected as one of the projects that will participate in the European Union Blockchain Pre-Commercial Procurement. In a second round of this EU program, the platform is applying with four projects for the chance to improve the European Blockchain Services Infrastructure (EBSI).

Related Reading | IOTA smart contracts enter beta to bypass network bugs

As announced by the IOTA Foundation (IF), the network has reached stage two out of three after being selected from around 35 applicants. According to the announcement, this second phase will last around six months and will have a special focus on research, development and laboratory tests.

The IOTA Foundation is supported by the European Commission to “investigate blockchain innovations related to testing and how future developments of EBSI could evolve towards a more scalable, energy efficient, secure and interoperable architecture”.

In this sense, the IOTA Foundation announced that it will work with Software AG to implement the developed solution. The EU Commission will then launch an evaluation phase to test the results of the second phase of its program and the progress made by each participant. The IF added the following:

(…) Based on this assessment, at least three projects will be selected to proceed to Phase 2B, the development of final solutions and field testing, which is expected to last another year.

Therefore, the non-profit organization will start testing blockchain solutions based on IOTA, specifically, it will test a digital product passport use case for digital waste recycling and cross-border IP rights management, the announcement said. In addition to Software AG, IF will rely on other partners and try to expand its partner network.

In the past, the organization has worked with major companies from around the world to help them develop multiple use cases. These include software giant IBM, Dell Technologies, Jaguar Land Rover and others.

IOTA to support EU-backed blockchain solutions?

In the final phase of the EU programme, projects must test the capabilities of their proposals in the field. The IF said it was “excited” about its role in this European-led initiative, adding:

We strongly support the European Commission’s strategic focus on blockchain and distributed ledger technology as drivers for innovation and growth. We are privileged to be part of this pre-commercial procurement process to develop a pan-European infrastructure based on blockchain and DLT for use in public services (…).

IOTA will provide resources for developing solutions and use cases for scalability and implementing sharding in the EBSI infrastructure. The goal is to improve the scalability of the protocol to engage and support the users who will use the EBSI network.

The IF will try to develop its sharding solution with a “root network” approach. In other words, a main network is connected to a series of smaller leaf or branch networks. In addition, the organization will work on its consensus and governance mechanism, its interoperability and its potential to implement identity solutions.

Related Reading | IOTA releases Smart Contract Network “Assembly” and distributes ASMB tokens

At the time of writing, IOTA is trading at $1.11 with a 1.9% loss in 24 hours.

IOTA selected by the European Union to develop blockchain solutions
MIOTA with small gains on the 4 hour chart. Source: MIOTAUSDT trade view
IOTA selected by the European Union to develop blockchain solutions

About Cryptoplatforming.com

Cryptoplatforming.com is a news websites which gets news around the globe on investing in Crypto. Our news has no backgroundcheck.