In Brief:
- IOTA foundation is selected for European blockchain service
- The New DLT solution will improve scalability, energy-efficient, and security of EBSI
- IOTA will participate in the first phase of the EU blockchain pre-commercial procurement process
The IOTA Foundation is one of the Seven projects contractors selected for Europe’s blockchain services initiative to develop innovative DLT solutions for the region.
The IOTA Foundation announced that it will be involved in the preliminary stage of the pre-commercial procurement (PCP) process for the European Blockchain Services Infrastructure (EBSI).
The process aims to design new DLT solutions to improve the scalability, energy-efficient, and security of EBSI. An EBSI is a network of blockchain nodes designed to support cross-border services across Europe between government, enterprises, and citizens.
According to the release statement, the blockchain nodes will improve “the efficiency and trust of EU-wide transactions, enhance the mobility of citizens, enterprises, and goods, reduce Europe’s environmental impact.”
As per the blog, the European Commission reviewed 30 applications from which seven were chosen to participate in the program. The tender process for pre-commercial procurement was announced in November 2020.
Commenting on the latest development was IOTAs co-founder and CEO, Dominik Schiener, who said, “We are very excited and honored to be a part of building Europe’s digital services infrastructure. Our goal is to establish IOTA as the foundational technology for Europe and the world. Our economics will be digitized and connected through green, feeless and scalable DLTs.”
Each of the 27 EU member states and the EU commission will run their nodes to complete a variety of tasks. It includes verification of education credentials, SME financing, enhances money transfer, builds trustless audit trails, and data sharing.
Why IOTA?
IOTA technology answers EBSI’s stated goals of being scalable, open, decentralized, and interoperable. It is permissionless by nature but can support permissioned environments. It can also grant permission to resources and control data distribution to comply with EU regulations for data sharing.
IOTA meets the requirements of an open, feeless and scalable distributed ledger, which supports frictionless data and value transfer. Moreover, IOTA’s green credentials complement the European Green Deal.
IOTA’s second-layer interoperability and third-layer provisioning are the additional solutions required for integration into the EBSI infrastructure.
IOTA, meanwhile, seems ready to take on the task, stating: “The challenge of delivering a DLT infrastructure for the European single market is one that the IOTA Foundation is ready to take on. The potential to extend the infrastructure to states outside the 27 member states is also an exciting motivation for the foundation.”