The European Commission has been working with leading blockchain developers to set the stage for a future of scalability, sustainability and security across the European Union.
The Iota Foundation announced its successful completion of the final stage of the EU’s blockchain Pre-Commercial Procurement (PCP), along with seven other participants.
Blockchain advances in the EU
The developers have been working on “cutting-edge” prototypes using distributed ledger technology solutions that focus on specific touchpoints, such as intellectual property rights management and digital product passports.
Initiated in 2020, the European Blockchain PCP was part of a broader strategy to enhance the European Blockchain Services Infrastructure (EBSI), a network designed to support cross-border digital services.
Iota’s recent completion of the third phase puts the foundation in a position to be able to contribute to the next generation of blockchain infrastructure under the forthcoming European Digital Infrastructure Consortium for Blockchain (EUROPEUM-EDIC).
This phase included collaborations with local partners, such as Software AG and the Universidad Politécnica de Cataluña, to develop solutions on its blockchain that incorporate decentralized identities, smart contracts and advanced data sharding techniques.
The end goal is to enable scalable and energy-efficient blockchain applications running across infrastructure in the EU.
Dominik Schiener, chairman of the Iota Foundation, said:
“EBSI is a crucial step towards a cohesive digital future for Europe, providing the necessary framework for innovation and collaboration across various sectors.”
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EU’s tech initiatives
As the European blockchain landscape transitions into EUROPEUM-EDIC, Iota said that it plans to solidify its partnerships with commercial entities and governmental bodies in the region to bring its prototypes to market.
Potential applications it highlighted range from automotive battery tracking to secure intellectual property management.
This development comes as the EU advances its policies and available innovations in the emerging technology sector.
In July, the EU confirmed its collaboration with ChromaWay to develop blockchain-based sustainability solutions.
The team from ChromaWay, along with other participants in the blockchain space, will join the EU at a follow-up workshop in Brussels this September to outline the next steps for Q4 2024 and into 2025.
Although Europe has taken a progressive stance in collaborating with developers and creating laws to regulate crypto and artificial intelligence, critics have become increasingly vocal that Europe’s progress may be set back by too much red tape.
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