Iota Foundation Selected for EU Blockchain Initiative to Boost Efficiency and Sustainability
A Step Towards an Efficient EU Blockchain
The European Commission has decided to shake things up, selecting the Iota Foundation among seven innovative projects to kick off the development of a comprehensive EU-wide distributed ledger technology (DLT) platform. This initiative isn’t just about keeping up with the tech-savvy kids on the block; it’s about turbocharging the efficiency and accountability of the European Blockchain Services Infrastructure (EBSI).
What’s on the Agenda?
This initiative is diving into an array of ambitious goals. Picture this: a network of nodes dedicated to streamlining EU-centric transactions and enhancing the supply chain continues to evolve with the latest technologies. Oh, and they have a green thumb, too. They aim to cut down the carbon footprint across Europe while they’re at it.
The Role of the Iota Foundation
The Iota Foundation isn’t just playing with fancy tech. Think of them as the backbone for cross-border communications that bridge the gap between governments, businesses, and citizens. Their expertise will catalyze efforts in:
- Digital management of educational credentials
- Establishment of trusted digital audit trails
- Document traceability
- SME financing
- Data sharing among authorities
- Digital identification
Managing the Nodes
The blockchain network will be under the watchful gaze of the European Commission, collaborating with the 27-member EU jurisdiction. Each member of the European Blockchain Partnership will play a role in managing individual regional nodes. With this setup, there’s a solid foundation for transparent governance.
The Tendering Process
The Journey Ahead
With the green light from the EBSI, the project is diving into a two-year pilot scheme. A whopping 6.2 million euros is designated for the seven selected applications through elimination phases—think “Survivor: Blockchain Edition.” After the first year of vigorous testing, only two projects will make it to the final showdown.
What’s at Stake?
A successful completion of all phases could mean a sweet reward: a service fee of 1.6 million euros, and the title of the chosen project responsible for the EU Commission’s DLT infrastructure. Talk about putting your money where your tech is!
Beyond Borders
It’s not just a European affair. In a related adventure, the Iota Foundation is also partnering with the Japanese government on a hybrid project that blends artificial intelligence and DLT. Their mission? To predict risk management statuses in industries such as petrochemicals and oil refining plants. Talk about international collaboration!
