IOTA Foundation was chosen as one of the seven projects to support the EU blockchain initiative.
IOTA is well-suited to the task with its scalable, open-source, decentralized and interoperable technology.
The European Union has chosen the IOTA Foundation as one of seven projects to support the early stages of its European blockchain venture. The purpose of the initiative is to improve the efficiency and accountability of the European Blockchain Services Infrastructure (EBSI).
In a post on its blog, the foundation announced:
“The IOTA Foundation has been selected as one of 7 projects from 30+ applications, to participate in the first phase of the EU blockchain pre-commercial procurement process.
This aims to design new DLT solutions to improve the scalability, energy efficiency and security of EBSI, a network of blockchain nodes across Europe. If selected for the next phase, IOTA could be one of the technologies that will be developed and tested with core European services.”
Dominik Schiener, Co-Founder and Chairman of the IOTA Foundation said:
“We are very excited about moving forward in the rigorous EBSI procurement process, and we feel great about our chances to play a central role in bringing distributed ledger technology to European administrations.
EBSI is an excellent fit, both technologically and ideologically. We do not need to adapt an existing blockchain or to start developing a new solution that fits EBSI’s needs.
Our core technology already offers a near-perfect match to the strict requirements and precise specifications for a European ledger infrastructure, and it is ready for widespread adoption with only minimal adjustment.”