The blockchain initiative of the European Commission has selected the IOTA Foundation as one of the seven projects that will be part of the preliminary design phase of a European-wide DLT platform.
The initiative aims to increase the efficiency of the European Blockchain Services Infrastructure (EBSI), a network of nodes dedicated to increasing the speed of transactions in Europe and expanding the region’s supply chain through the adoption of emerging technologies, while reducing the carbon footprint.
The IOTA Foundation will support EBSI in cross-border relations between governments, businesses and citizens for “the digital management of educational credentials, the establishment of digital and reliable audit trails, the traceability of documents, the financing of SMEs, the sharing of data between authorities. and digital identification. “
The nodes of the blockchain network will be managed by the European Commission and the 27 member countries, as well as by individual members of the European Blockchain Partnership within the various regions.
The IOTA Foundation was one of 30 blockchain-focused projects to submit an application during the pre-commercial tender in November 2020. The European Blockchain Services Infrastructure will now launch a two-year pilot project in which approximately € 6.2 million will be awarded to the seven most promising initiatives through a series of preliminary rounds. After the first year of rigorous testing on a wide variety of applications, only two projects will compete in the final phase.
This will constitute a “12-month phase in which the capabilities of the newly developed infrastructure and applications (eg: passport for digital products, intellectual property management) will be tested.”
The winner of the competition will be awarded a grant of 1.6 million euros. Furthermore, the project will be selected to become the basis of the European Commission’s DLT infrastructure.
The IOTA project is no stranger to this kind of collaboration with governments. In October 2020, the IOTA Foundation has partnered with Japan for the realization of a blockchain-based project and artificial intelligence aimed at improving risk management in the oil refining and petrochemicals sector.
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