IOTA Selected for Next Phase of European Commission’s Blockchain Pre-Commercial Procurement
The European Commission has selected IOTA Foundation for the next phase of the European Blockchain Pre-Commercial Procurement (PCP). The aim of the PCP is to test if novel blockchain technologies can be developed and tested that could potentially be used in the future to improve the network capacities and use cases of the European Blockchain Services Infrastructure (EBSI). EBSI will enable verified information to flow between institutions, enterprises, and individuals throughout the European Economic Area.
Established in 2019 by the European Blockchain Partnership, EBSI aims to develop a distributed ledger network across the European community to support cross-border services between governments, businesses, and individuals. Its goals are to enhance cross-border mobility, reduce the waste of resources, enforce compliance with EU regulations, and encourage the growth of tech hubs and projects while making digital services more trustworthy. Thanks to EBSI, verified information will flow quickly and reliably Europe-wide.
According to the European Commission's assessment, the IOTA Foundation was successful in implementing tasks for Phase 2A of EBSI: “Prototype Development and Lab Testing”. Over the last six months, the IOTA Foundation piloted the first prototype versions of two use cases: Digital Product Passports for digital waste recycling and electric vehicle batteries; and the cross-border management of Intellectual Property Rights for creative work. The assessment also reviewed the throughput, scalability, sustainability, security, technical maturity, and commercial viability of IOTA, and the Foundation will now advance to Phase 2B, “Final Solution Development and Field Testing”.
In Phase 2B, we intend to: complete field testing of the IOTA Stardust solution, including smart contracts and tokenization; extend and field test the use cases started in Phase 2A, and test interoperability with EBSI 1.0.
“I am proud of the work the IOTA team has put together over the last six months and excited for us to be selected for the next phase of this exciting project. Bringing distributed ledger technology to the European market is something we are passionate about,” says Dominik Schiener, Co-Founder and Chairman of the IOTA Foundation. “The IOTA technology already shares the same core values with EBSI, so we have felt it has been 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.”
To find out more about EBSI, visit the website of the European Commission.