IOTA Chosen By European Union To Develop Blockchain Solutions

IOTA has been selected to participate in the European Union Blockchain Pre-Commercial Procurement. This EU program will see the platform competing against four other companies in order to help improve Europe’s Blockchain Services Infrastructure.

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The IOTA Foundation (IF) announced that the network reached the second stage of its three-stage process after being selected from more than 35 applicants. The announcement states that the second phase of the network will be around six months long and will focus on lab testing, research and development.

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

Software AG will be the partner of the IOTA Foundation to implement this solution. After, the EU Commission will launch an evaluation phase to test the results of its program’s second phase and the progress each participant has accomplished. The IF also added:

(…) based on this evaluation, a minimum of three projects will be selected to move on to Phase 2B, final solutions development and field testing, which is expected to last another year.

According to the announcement, this non-profit organisation will be testing IOTA blockchain solutions. In particular, they will evaluate a case for digital product passports that can be used for waste disposal and cross-border IP management. Software AG and other partners will be used by the IF to expand its partner network.

In the past, this organization has collaborated with many companies to create multiple uses cases. Software giants such as IBM, Dell Technologies, Jaguar Land Rover and other companies are all involved.

IOTA to Power EU-Supported Blockchain Solutions

The final phase of the EU program requires that projects field-test the capability of their proposed proposals. The IF claimed to be “excited” about its role on this European driven initiative and added:

We support the European Commission’s focus on Blockchain and Distributed Ledger Technology as a driving force for growth and innovation. We are privileged to be part of this pre-commercial procurement procedure to develop a Europe-wide infrastructure based on blockchain and DLT for use in public services (…).

IOTA will devote resources to developing solutions and use-cases on Scalability. The objective is to improve the protocol’s scale capabilities to onboard and support the users that will leverage the EBSI network.

The IF will attempt to develop its sharding solution with a “root network” approach. This means that a central network will be linked to smaller, leaf- or branch networks. The organization will also work to improve its governance and consensus, interoperability and ability to create identity solutions.

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IOTA trades at $1.11 as of the writing. There is a 1.9% daily loss.

MIOTA gains small on the 4-hour chart Source: MIOTAUSDT tradingview

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