IOTA has officially finalized the last phase of the European Union's blockchain Pre-Commercial Procurement (PCP), paving the way for a robust, scalable, and environmentally friendly blockchain framework throughout the EU.
The European Commission has been collaborating with top blockchain developers to envision a future characterized by scalability, sustainability, and security across member states.
The IOTA Foundation recently announced its achievement in completing the final phase of the EU's blockchain PCP, joining seven other contributors in this significant initiative.
Progress in European Blockchain Initiatives
The developers involved have been crafting advanced prototypes utilizing distributed ledger technology (DLT) with a focus on key areas such as managing intellectual property rights (IPR) and implementing digital product passports (DPP).
Launched in 2020, the European Blockchain PCP is part of a wider strategy aimed at refining the European Blockchain Services Infrastructure (EBSI), which is intended to support cross-border digital services throughout the EU.
With the recent culmination of this final phase, IOTA is now positioned to play an integral role in shaping the next generation of blockchain infrastructure under the upcoming European Digital Infrastructure Consortium for Blockchain (EUROPEUM-EDIC).
This concluding phase featured partnerships with local organizations, including Software AG and the Universidad Politécnica de Catalunya, to create blockchain solutions that utilize decentralized identities (DIDs), smart contracts, and innovative data sharding methods.
The ultimate goal is to enable the development of scalable and energy-efficient blockchain solutions operating across the EU's infrastructure.
Dominik Schiener, chairman of the IOTA Foundation, stated:
"EBSI represents a vital advancement toward a unified digital future for Europe, establishing the essential framework for innovation and collaboration across different sectors."
EU Technology Initiatives
As the European blockchain framework transitions to EUROPEUM-EDIC, IOTA indicated its intention to strengthen collaborations with businesses and governmental institutions in the region to transition its prototypes to the market.
Potential use cases it emphasized include tracking automotive batteries and ensuring secure management of intellectual property.
This development aligns with the EU's ongoing efforts to advance policies and foster innovations in emerging technology sectors.
In July, the EU announced its partnership with ChromaWay to develop blockchain solutions focused on sustainability.
The ChromaWay team, alongside other blockchain participants, is set to convene with EU representatives at a follow-up workshop in Brussels this September to map out the next steps for the end of 2024 and into 2025.
Even though Europe has made significant strides in cooperating with developers and formulating regulations for cryptocurrency and artificial intelligence (AI), critics are raising concerns that excessive bureaucracy may hinder the continent's progress.
Overall, as IOTA concludes this vital stage, it not only cements its position within the EU blockchain landscape but also highlights the growing importance of technological innovation and collaboration in shaping Europe's digital future.
