IOTA is one of the most important blockchain companies in the world
- The EU Blockchain Observatory and Forum (EUBOF) praised IOTA for offering enormous scalability with its DAG ledger structure.
- EUBOF also explained how Energinet, the state-owned energy company in Denmark, harnesses the power of the IOTA network.
The European Union has worked very effectively with several blockchain initiatives. In a recent development, the EU Blockchain Observatory and Forum (EUBOF) has come out with a detailed report on the state of the European blockchain ecosystem.
The report explains how each member state in the EU has contributed its part in dealing with the blockchain and crypto revolution. The good thing is that the IOTA Foundation has been named one of the ten notable blockchain companies by the EUBOF.
We are happy to see that #IOTA Foundation has been mentioned as one of 10 notables #blockchain companies in Germany (p80) of @EUBlockchain 🇪🇺!
Find the full report here 👇https://t.co/hXDCiu5kdm#EBOF— IOTA (@iota) 25 October 2022
As we know, IOTA is an open source protocol that facilitates data and value transfers between people and devices. The IOTA cryptocurrency is designed specifically to accommodate real-world industrial applications such as the Internet of Things (IoT). It uses a special distributed ledger technology called directed acyclic graph (DAG) to store transactions on the ledger.
As a result, IOTA can achieve greater scalability compared to other blockchain networks. In its report, EUBOF explains how Energinet, the state-owned energy company in Denmark, harnesses the power of the IOTA blockchain. It adds:
The Danish state-owned energy company Energinet has investigated how to use Iota Tangle to develop IoT-based products and services. The two entities have been working together on a data marketplace initiative since late 2017
The EU’s growing use of IOTA systems
The European Union is working in full gear to incorporate blockchain-based innovation into the continent’s economic landscape. Moreover, they have also explored blockchain use cases in key digital initiatives across the EU.
As reported, the EU has been working on digital identity wallets to test instant cross-border transactions across member states. The Digital ID project of the EU seeks to complement wider EU plans and introduce seamless payments and transfers across member states. It will complement the plans for the European Payments Initiative (EPI) as well as the digital euro.
IOTA’s digital identity can play a decisive role in this regard. It will help unify under a single protocol that offers seamless interaction between all forms of identities. IOTA’s digital identity is built with “data protection and privacy by design” and complies with privacy and data management laws around the world, such as the European General Data Protection Regulation (GDPR).
On the other hand, the EU is working to push forward the digital twin use cases offered by the IOTA Foundation. This will help them build intelligent circular life cycles for industrial robots, outdoor power products and electric vehicles.
