Iota Foundation has successfully completed the final phase of the European Blockchain Pre-Commercial Procurement (PCP), solidifying its position as a leader in blockchain technology within the European Union.
The PCP initiative, launched in 2020, aimed to develop innovative blockchain solutions for various sectors, including intellectual property rights management and digital product passports. Iota, along with seven other participants, worked on cutting-edge prototypes using distributed ledger technology.
Iota’s Contribution to the European Blockchain Services Infrastructure (EBSI)
Iota’s successful completion of the PCP positions it to contribute significantly to the European Digital Infrastructure Consortium for Blockchain (EUROPEUM-EDIC), the next phase of the EBSI initiative.
Through collaborations with partners such as Software AG and the Universidad Politécnica de Cataluña, Iota has developed blockchain solutions incorporating decentralized identities, smart contracts, and advanced data sharding techniques. These solutions aim to enable scalable and energy-efficient blockchain applications across the EU.
As the European blockchain landscape evolves, Iota plans to strengthen its partnerships with commercial entities and governmental bodies in the region. The foundation aims to bring its prototypes to market, focusing on applications such as automotive battery tracking and secure intellectual property management.
Also Read: Blockchain Meets IoT: IOTA, Chainlink, and VeChain Drive Industry Transformation
Challenges and Opportunities
While Europe has made significant progress in adopting blockchain technology, critics have raised concerns about excessive regulation and red tape hindering innovation. However, initiatives like the EBSI and the PCP demonstrate a commitment to fostering a supportive environment for blockchain development.
As the EU continues to advance its policies and collaborations in the emerging technology sector, Iota is well-positioned to play a key role in shaping the future of blockchain in Europe.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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