IOTA was Approved for Next Phase of Blockchain Pre-Commercial Procurement by the European Commission.
IOTA Foundation has been chosen by the European Commission for the next round of the European Blockchain Pre-Commercial Procurement (PCP). The purpose of the PCP is to determine whether innovative blockchain technologies that may be utilized in the future to enhance the network capacity and use cases of the European Blockchain Services Infrastructure can be created and evaluated. EBSI will facilitate the free flow of verified information between organizations, businesses, and people throughout the European Economic Area.
EBSI intends to establish a distributed ledger network throughout the European community to facilitate cross-border services between governments, corporations, and people. Its objectives are to increase cross-border mobility, decrease resource waste, ensure compliance with EU legislation, support the creation of tech centres and initiatives, and increase the reliability of digital services. With the help of EBSI, information will move rapidly and reliably across Europe.
According to the evaluation of the European Commission, the IOTA Foundation was effective in executing duties for Phase 2A of EBSI: “Prototype Development and Lab Testing.” During the preceding six months, the IOTA Foundation piloted the first prototype versions of two use cases: Digital Product Passports for digital waste recycling and electric car batteries and the cross-border administration of Intellectual Property Rights for creative works. The evaluation also examined the throughput, scalability, sustainability, security, technological maturity, and economic feasibility of IOTA. The Foundation will now proceed to Phase 2B, “Final Solution Development and Field Testing.”
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