Leading blockchain developers and the European Commission have been collaborating to lay the groundwork for an era of scalability, sustainability, and security throughout the EU.
Along with seven other participants, the IOTA Foundation announced that it had successfully completed the last phase of the EU’s blockchain Pre-Commercial Procurement (PCP).
Using distributed ledger technology (DLT) solutions that target certain touchpoints like digital product passports (DPP) and intellectual property rights (IPR) management, the developers have been working on “cutting-edge” prototypes.
The European Blockchain PCP was launched in 2020 as a component of a larger plan to improve the European Blockchain Services Infrastructure (EBSI), a network intended to facilitate digital services that are transnational in nature.
With the recent conclusion of the third phase, IOTA is now in a position to support the upcoming European Digital Infrastructure Consortium for Blockchain (EUROPEUM-EDIC), which will enable the foundation to contribute to the next generation of blockchain infrastructure.
During this period, the company worked with regional partners like Software AG and the Universidad Politécnica de Catalunya to create blockchain-based solutions that included advanced data-sharding techniques, smart contracts, and decentralized identities (DIDs).
The ultimate objective is to make blockchain applications scalable and energy-efficient enough to operate across EU infrastructure. The IOTA Foundation’s chairman, Dominik Schiener, stated:
“EBSI is a crucial step towards a cohesive digital future for Europe, providing the necessary framework for innovation and collaboration across various sectors.”
IOTA announced that as the European blockchain environment transforms into EUROPEUM-EDIC, it plans to fortify its partnerships with regional companies and governmental institutions in order to get their prototypes onto the market.
The tracking of automobile batteries and the safe administration of intellectual property were two of the many possible applications mentioned.
The EU is advancing new technology policies and advancements at the same time as this development.
The EU said in July that it would be working with ChromaWay to create blockchain-based sustainability solutions. To discuss the next steps for Q4 2024 and into 2025, the ChromaWay team and other blockchain industry participants will join the EU in Brussels this September for a follow-up session.
Despite Europe’s progressive approach to working with developers and enacting rules governing crypto and artificial intelligence (AI), detractors have stepped up their criticism, claiming that excessive bureaucracy could impede Europe’s advancement.
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