127 Interactions, 2 Today
The Iota Foundation is one of seven businesses chosen to help a European blockchain venture in its early stages.
The European Commission’s blockchain initiative has selected the Iota Foundation as one of seven projects to participate in the preliminary stage of designing an EU-wide distributed ledger technology platform.
The initiative seeks to increase the efficiency and accountability of the European Blockchain Services Infrastructure (EBSI), a network of nodes dedicated to facilitating the efficiency of EU-centric transactions, as well as the expansion of the region’s supply chain through the adoption of emerging technologies, all the while reducing European carbon footprint.
The Iota Foundation — a non-profit organization supporting the Tangle, an open-source DLT platform — will support EBSI in cross-border relations between governments, businesses, and citizens for the “digital management of educational credentials, the establishment of trusted digital audit trails and document traceability, SME financing, data sharing among authorities, and digital identification.”
The nodes on the blockchain network will be governed by the EU Commission under the jurisdiction of the EU’s 27 member states, as well as by individual members of the EU Blockchain Partnership within different regions.
The Iota Foundation was one of 30 blockchain/DLT-focused projects to submit a formal application for the pre-commercial procurement in November 2020 during the tendering process.
Following EBSI clearance, the project will now begin a two-year pilot plan in which an estimated 6.2 million euros will be distributed to the seven applications through a number of elimination steps. Following a year of rigors testing across a wide range of applications, only two projects will compete in the final round.
This will be a “12-month phase during which the capabilities of the newly constructed infrastructure and apps (e.g. digital product passport, IPR management scenarios) will be tested.”
Successful completion of all phases over the two-year term will result in a 1.6 million euro service fee and selection as the single project to implement the European Commission’s DLT infrastructure.
In other Iota news, Cointelegraph reported in October 2020 that the Iota Foundation was working with the Japanese government on an artificial intelligence and distributed ledger technology (DLT) crossover project aimed at predicting the risk-management status of industries such as petrochemicals and oil refining plants.