The European Union has reaffirmed its commitment to collaborating with ChromaWay to create blockchain-based sustainability solutions.
This decision was made on July 12 in response to ChromaWay’s presentation at the EU Pre-Commercial Procurement (PCP) final review meeting, which demonstrated progress in decentralized applications for Digital Product Passports (DPP) and intellectual property (IP) rights.
Relational blockchain technology
During the Brussels review meeting, ChromaWay emphasized advancing its foundational technology, relational blockchain. This technology improves the organization and complexity of on-chain data, thereby increasing efficiency.
A combination of the decentralized security of blockchain and the adaptability of relational databases is known as relational blockchain technology.
It has the potential to power enterprise solutions, but it also serves as the foundation for Chromia, a public layer-1 platform that is specifically designed for decentralized applications. Chromia is scheduled to launch its mainnet on July 16.
In an interview with Cointelegraph, Or Perelman, the co-founder of Chromia, expressed his enthusiasm for developing innovative solutions for institutional applications in collaboration with the EU.
“By fostering collaboration among governments, regulators, institutions, and blockchain innovators, we can unlock the full potential of Web3 technology and drive widespread adoption.”
Blockchain adoption in the EU
The EU’s favorable evaluation of ChromaWay’s contributions underscores the potential of relational blockchain technology to have substantial effects in both the public and private sectors.
Additionally, it is consistent with the organization’s overarching objective to incorporate cutting-edge blockchain solutions into various industries, enhancing efficiency and sustainability.
The EU has been vocal about its dedication to promoting technological advancements that can promote economic and environmental benefits throughout Europe.
Representatives from RBN Eco and ChromaWay will participate in an interview with the European Blockchain Association in July 2024 to evaluate their alignment with forthcoming EU initiatives.
Furthermore, the team will attend a follow-up workshop in Brussels this September to delineate the subsequent steps for Q4 2024 and into 2025.
In June 2024, the European Commission selected Iota as the blockchain solution for its Web3 ID for blockchain prototype, and the EU has also collaborated with other blockchain solutions.
