The Iota Foundation will back the EU’s blockchain effort

  • The Iota Foundation is one of seven businesses chosen to help a European blockchain startup get off the ground
  • During the bidding process for the pre-commercial procurement in November 2020, the Iota foundation was one of 30 blockchains/DLT oriented projects that submitted an official proposal
  • Following EBSI clearance, the project will move on with a two-year pilot plan in which a total of 6.2 million euros will be distributed to the seven applications through a number of elimination rounds

The Iota Foundation is one of seven businesses chosen to help a European blockchain startup get off the ground. The Iota Foundation has been chosen as one of seven initiatives to participate in the early stage of creating an EU-wide distributed ledger technology platform by the European Commission’s blockchain program. The initiative aims to improve the efficiency and transparency 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 while lowering European carbon emissions. 

The EBSI will be supported by the Iota Foundation, a non-profit organization that supports the Tangle, an open-source DLT platform, in cross-border relations between governments, businesses, and citizens for digital management of educational credentials, the establishment of trusted digital audit trails, and document traceability, SME financing, data sharing among authorities, and digital identification. 

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The European Commission, which has jurisdiction over the 27-member EU, will administer the blockchain network’s nodes, while individual members of the European Blockchain Partnership will control nodes in their respective areas. During the bidding process for the pre-commercial procurement in November 2020, the Iota foundation was one of 30 blockchains/DLT oriented projects that submitted an official proposal. 

Following EBSI clearance, the project will move on with a two-year pilot plan in which a total of 6.2 million euros will be distributed to the seven applications through a number of elimination rounds. Only two concepts will compete in the final round after a year of rigorous testing across a range of applications. This will be a 12-month phase of testing the capabilities of the newly created infrastructure and apps. If all phases are completed successfully during the two-year term, the project will be awarded a service charge of 1.6 million euros and selected as the single project to implement the European Commission’s DLT infrastructure. 

In other Iota developments, in October 2020, reports revealed that the Iota Foundation was cooperating with the Japanese government on an artificial intelligence and DLT crossover project aimed at forecasting the risk-management condition of sectors including petrochemicals and oil refining plants. 

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Andrew Smithhttp://thecoinrepublic.com
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing

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