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IOTA Chosen By European Union To Develop Blockchain Solutions


IOTA has been selected as one of the projects that will participate in the EU Blockchain Pre-commercial Procurement. The platform will compete with four projects in the second round of this EU program for a chance to improve the European Blockchain Services Infrastructure (EBSI).

Related reading | IOTA smart contracts enter the beta phase to circumvent network flaws

The IOTA Foundation (IF) announced that the network had reached stage two out of three after being selected from among around 35 applicants. This second phase will last about six months, according to the announcement, and will focus specifically on research, development and laboratory testing.

The IOTA Foundation will receive support from the European Commission in order to investigate and develop “blockchain innovations in the context of testing how EBSI’s future developments can evolve towards a more scalable, energy efficient, secure and interoperable architecture.”

In this sense, the IOTA Foundation has revealed that it will partner with Software AG to implement the developed solution. The EU Commission will then launch an evaluation phase to test the results of the second phase of its program and the progress made by each participant. IF added the following:

(…) Based on this assessment, at least three projects will be selected to move into Phase 2b, Final Solution Development and Field Testing, which is expected to run for another year.

Therefore, the non-profit organization will begin testing IOTA-based blockchain solutions, specifically they will test a use case of digital passports for digital waste recycling and cross-border intellectual property rights management, the announcement says. Besides Software AG, IF will rely on other partners and try to grow its partner network.

In the past, the organization has worked with major companies from around the world to help them develop multiple use cases. This includes software giant IBM, Dell Technologies, Jaguar Land Rover, and others.

IOTA to run EU-backed blockchain solutions?

In its final phase, the EU program will require projects to field test the capabilities of their proposals. The International Federation claimed to be “excited” about its role in this European initiative and added:

We strongly support the European Commission’s strategic focus on blockchain technology and distributed ledgers as an engine for innovation and growth. We are honored to be a part of this pre-commercial procurement action to develop a Europe-wide infrastructure based on blockchain and DLT for use in public services (…).

IOTA will dedicate resources to developing solutions and use cases for scalability, and implementing segmentation on the EBSI infrastructure. The goal is to improve the capabilities of the protocol scale for input and user support that will enhance the EBSI network.

IF will attempt to develop its own fragmentation solution using a “root network” approach. In other words, the main network will be connected to a series of small networks with leaves or branches. In addition, the organization will work on consensus mechanism and governance, interoperability and implementability of identity solutions.

Related reading | IOTA launches smart contract network “pool” and distributes ASMB token

At the time of writing, IOTA is trading at $1.11 with a loss of 1.9% in 24 hours.

MIOTA with small gains on the 4 hour chart. Source: MIOTAUSDT Tradingview