The Iota Foundation is one of seven enterprises chosen to support the early-stage innovation of a European blockchain venture.
The European Commission's blockchain initiative has selected
the Iota Foundation as one of seven projects to participate in the
preliminary stage of designing an EU-wide distributed ledger technology
platform.
The initiative seeks to increase the efficiency and
accountability 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 the while
reducing European carbon footprint.
The Iota Foundation — a
non-profit organization supporting the Tangle, an open-source DLT
platform — will support EBSI in cross-border relations between
governments, businesses, and citizens for the “digital management of
educational credentials, the establishment of trusted digital audit
trails and document traceability, SME financing, data sharing among
authorities, and digital identification.”
The nodes on the
blockchain network will be managed by the European Commission with the
27-member EU jurisdiction, and by individual members of the European
Blockchain Partnership within individual regions.
Related: Iota teams up with Austrian uni for Internet of Things and blockchain research lab
The
Iota foundation was one of 30 blockchain/DLT focused projects to submit
an official application during the tendering process for the
pre-commercial procurement in November 2020.
Following EBSI
approval, the project will now embark on a two-year pilot scheme in
which an estimated 6.2 million euros will be granted to the seven
applications through a series of elimination phases. After the first
year of rigorous testing across a variety of applications, just two
projects will compete in the final round.
This will constitute a
“12-month phase where the capabilities of the newly developed
infrastructure and applications (e.g. digital product passport, IPR
management cases) will be tested.”
Successful completion of all
phases throughout the two-year period will be rewarded with a service
fee of 1.6 million euros and be chosen as the single project to deliver
the European Commission's DLT infrastructure.
In other Iota news, Cointelegraph reported in October 2020 that the Iota Foundation was collaborating with the Japanese government
on an artificial intelligence and DLT crossover project aimed at
predicting the risk-management status of industries such as
petrochemicals and oil refining plants.
source link : https://cointelegraph.com/news/iota-foundation-to-support-eu-blockchain-initiative
