IOTA enters the next phase of the European Commission’s Blockchain Pre-Commercial Procurement
- The IOTA Foundation completed the testing of Phase 2A of the EU blockchain pre-commercial procurement.
- In Phase 2B, IOTA will complete the field testing of the IOTA Stardust solution including tokenization and smart contracts.
Over the past few months, the IOTA blockchain network has been working closely with the European Commission to bring blockchain services to the whole of Europe. In the latest development, they have completed the rigorous testing of phase 2A of the EU blockchain Pre-Commercial Procurement.
As a result, the IOTA Foundation will now move on to the next phase of implementing its distributed ledger solution at scale across Europe. Called the European Blockchain Pre-Commercial Procurement (PCP), this next phase will test whether it is possible to develop and test new blockchain technologies for use in the future to improve the network capacity and use cases of the European Blockchain Services Infrastructure (EBSI).
[ICYMI] #IOTA has been selected for the next phase of the EU blockchain Pre-Commercial Procurement to develop and test a #DLT solution to deliver enhanced European-wide blockchain services. https://t.co/RHvbIELjhL@EU_Commission @EU_EBSI. pic.twitter.com/5xJ6AJq5NV
— IOTA (@iota) 27 January 2023
Here, EBSI will act as the infrastructure platform to enable the flow of verified information between companies, institutions and individuals across the European Economic Area. The European Blockchain Partnership established EBSI back in 2019 with the goal of building a distributed ledger network across the European community.
They plan to leverage distributed ledgers for cross-border services between individuals, governments and businesses. The aim of EBSI is to improve cross-border mobility, enforce compliance with EU regulations, reduce waste of resources, as well as encourage the growth of technology hubs and projects to make digital services more reliable.
IOTA Foundation’s strong track record
The European Commission stated that the IOTA Foundation has a strong track record of implementing previous projects. It added that the IOTA Foundation was successful in implementing the tasks for Phase 2A of EBSI: “Prototype Development and Lab Testing”.
Over the past six months, the IOTA Foundation has piloted the first prototype versions of two use cases:
- The cross-border management of intellectual property rights for creative work.
- Digital product passports for digital waste recycling and batteries for electric vehicles.
In its assessment, the European Commission also reviewed the sustainability, throughput, scalability, technical maturity, security and commercial viability of IOTA. Dominik Schiener, co-founder and chairman of the IOTA Foundation, spoke about the development:
I am proud of the work the IOTA team has put together over the past six months, and I am delighted that we will be selected for the next phase of this exciting project. Bringing distributed ledger technology to the European market is something we are passionate about.
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The IOTA technology already shares the same core values with EBSI, so we felt it was 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.
Now the IOTA Foundation will move on to Phase 2B called “Final Solution Development and Field Testing”. Here it will complete the field testing of the IOTA Stardust solution including tokenization and smart contracts. IOTA will further expand the use cases started in Phase 2A while testing interoperability with EBSI 1.0.
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