• IOTA has been selected by the European Union to participate in the next phase of testing and development of the European Blockchain Pre-Commercial Procurement (PCP) project.
• The PCP project seeks to investigate the feasibility of using blockchain technology to improve current applications and develop new ones for the European Blockchain Services Infrastructure (EBSI).
• Dominik Schiener, co-founder and chairman of the IOTA Foundation, expressed his confidence in the IOTA technology to bring distributed ledger technology to the European market.
The European Union (EU) has recently announced that it has chosen IOTA, a cryptocurrency start-up leveraging blockchain technology and the Internet of Things (IoT), to take part in the next phase of testing and development in its European Blockchain Pre-Commercial Procurement (PCP) project. The PCP project is an initiative that seeks to explore the feasibility of using blockchain technology to both improve current applications and create new ones for the European Blockchain Services Infrastructure (EBSI).
The goal of the EBSI is to promote cross-border mobility, reduce waste, ensure compliance with EU regulations, foster the growth of technology hubs and projects, and make digital services more reliable and trustworthy. As such, the EU has chosen IOTA to help test and develop novel blockchain technology to be used in the EBSI.
Dominik Schiener, co-founder and chairman of the IOTA Foundation, expressed his confidence in the IOTA technology to bring distributed ledger technology to the European market. He stated that, “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.”
The EBSI will be designed to provide a secure and trustworthy platform to support the full lifecycle of digital services. It will be built on the basis of existing standards and protocols, such as World Wide Web Consortium standards, and will also consider new technologies and approaches, such as blockchain and distributed ledger technologies.
The next phase of the PCP project will involve the development and testing of the blockchain technology proposed by IOTA. This will include the development of a platform that will enable the secure and efficient exchange of data, facilitate the integration of digital services, and enhance the trustworthiness of digital identities. The testing of the proposed blockchain technology will also help to identify any potential risks associated with its use and develop measures to mitigate them.
Once the development and testing of the proposed blockchain technology is completed, the EBSI will be ready for deployment. It is expected that the EBSI will provide a secure platform for the storage, sharing, and verification of data, as well as for the development of digital services. This platform will also enable the development of new applications that will benefit European citizens and businesses.
The EU’s selection of IOTA to take part in the next phase of the PCP project is a testament to the potential of blockchain technology and its ability to enhance digital services. It is also a sign that the EU is committed to fostering the development of new technologies to ensure the security and reliability of digital services within its borders.