• IOTA, a cryptocurrency start-up leveraging blockchain technology and IoT (Internet of Things), has been chosen to take part in the European Blockchain Pre-Commercial Procurement (PCP) to help test and develop novel blockchain technology for the European Union.
• The goal of the project is to investigate the feasibility of utilizing blockchain technology to improve current applications and develop new ones for the European Blockchain Services Infrastructure (EBSI).
• Dominik Schiener, co-founder and chairman of the IOTA Foundation, is confident in the ability of the IOTA technology to bring distributed ledger technology to the European market.
The European Union has recently announced that IOTA, a cryptocurrency start-up leveraging blockchain technology and Internet of Things (IoT), has been chosen to take part in the next phase of the European Blockchain Pre-Commercial Procurement (PCP). This initiative seeks to investigate the feasibility of utilizing blockchain technology to both improve current applications and develop new ones for the European Blockchain Services Infrastructure (EBSI).
The main goals of the EBSI are to promote cross-border mobility, reduce waste, ensure compliance with E.U. regulations, foster the growth of technology hubs and projects, and make digital services more reliable and trustworthy. As part of the project, IOTA will help to test and develop novel blockchain technology for the European Union, enabling the EBSI to provide more efficient services in the future.
Dominik Schiener, co-founder and chairman of the IOTA Foundation, expressed his enthusiasm for the project: “The IOTA technology already shares the same core values with EBSI, so we have felt it has been a very natural fit throughout this testing process. We are very confident in our ability to bring distributed ledger technology to the European market and look forward to the next phase.”
In addition to IOTA, other companies such as Accenture and Fraunhofer IOSB are also taking part in the project. The PCP will be conducted in two phases: the first phase will focus on developing and testing the services, while the second phase will see the implementation of the services in a live environment. This will give the European Union the opportunity to evaluate the performance and reliability of the technology before making a decision on whether or not to invest in it.
The European Union has made it clear that it is interested in exploring new technologies, such as blockchain, in order to improve the efficiency of its services. This project is an excellent opportunity for IOTA to showcase its technology and prove its potential. With the help of IOTA, the European Union could potentially revolutionize the way it provides services, making them faster and more secure than ever before.