Blockchain technology, IOTA was selected for the next phase of the European Blockchain Pre-Commercial Procurement.
The next phase of testing and development for an attempt to improve pan-European blockchain services using a distributed ledger system has been selected, and it will involve IOTA, a cryptocurrency start-up leveraging blockchain technology and IoT (Internet of Things).
The goal of the European Blockchain Pre-Commercial Procurement (PCP) project is to determine whether it is feasible to use blockchain technology to enhance current applications and create new ones for the European Blockchain Services Infrastructure (EBSI).
“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 aims to increase cross-border mobility, cut waste, ensure EU conformity, support the development of technological hubs and projects, and improve the dependability and credibility of digital services.
The IOTA Foundation successfully completed tasks in the “Prototype Development and Lab Testing” phase and will now proceed to “Final Solution Development and Field Testing.”
The blockchain technology has made advancements in creating a distributed ledger technology for the European Blockchain Services Infrastructure (EBSI), and as a result, the business has been chosen to proceed to the following stage of testing.
IOTA foundation co-founder and chairman Dominik Schiener, expressed confidence in the project’s ability to bring the technology to the European market and willingness to proceed further.