Iota completes European Union blockchain pre-commercial phase
Iota has completed the final phase of the European Blockchain PCP, paving the way for scalable, sustainable, and secure blockchain infrastructure throughout the European Union. The European Commission has been collaborating with prominent blockchain developers to lay the groundwork for a future of scalability, sustainability, and security throughout the European Union.
The Iota Foundation and seven other participants announced the completion of the final step of the EU’s blockchain Pre-Commercial Procurement (PCP).
Blockchain advances in the EU
The developers have been working on “cutting-edge” prototypes that use distributed ledger technology solutions to address specific touchpoints, such as intellectual property rights management and digital product passports.
The European Blockchain PCP, launched in 2020, was part of a larger initiative to strengthen the European Blockchain Services Infrastructure (EBSI), a network meant to support cross-border digital services.
Iota’s recent completion of the third phase positions the foundation to contribute to the next generation of blockchain infrastructure through the upcoming European Digital Infrastructure Consortium for Blockchain (EUROPEUM-EDIC).
The developers have been working on “cutting-edge” prototypes that use distributed ledger technology solutions to address specific touchpoints, such as intellectual property rights management and digital product passports.
The European Blockchain PCP, launched in 2020, was part of a larger initiative to strengthen the European Blockchain Services Infrastructure (EBSI), a network meant to support cross-border digital services.
Iota’s recent completion of the third phase positions the foundation to contribute to the next generation of blockchain infrastructure through the upcoming European Digital Infrastructure Consortium for Blockchain (EUROPEUM-EDIC).
European Union’s tech initiatives
As the European blockchain ecosystem evolves into EUROPEUM-EDIC, Iota intends to strengthen its connections with business enterprises and governmental authorities in the region to bring its prototypes to market. It highlighted a variety of potential applications, including automobile battery tracking and secure intellectual property management.
This development occurs as the EU advances its policies and makes available technologies in the rising technology industry. In July, the EU announced a collaboration with Chroma Way to create blockchain-based sustainability solutions.
The Chroma Way team and other blockchain participants will visit the EU in Brussels in September for a follow-up workshop to describe the next steps for Q4 2024 and 2025.
Although Europe has strategically partnered with developers and enacted rules to regulate cryptocurrency and artificial intelligence, critics are growing concerned that too much red tape may stymie Europe’s progress.
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