Europe’s blockchain services initiative has selected the IOTA Foundation as one of the seven contractors who will develop DLT solutions for the region.
The non-profit organization, IOTA Foundation announced Tuesday that it will be involved in the preliminary stage of the pre-commercial procurement (PCP) process for European Blockchain Services Infrastructure (EBSI).
The process aims to improve the scalability, efficiency, and security of EBSI, a network of blockchain nodes across Europe that supports cross-border services between people, governments, and enterprises. EBSI was established to enhance trust in EU transactions and facilitate the movement of people and services while reducing European emissions.
According to IOTA’s blog post, the European Commission reviewed 30 applications from which seven were chosen to participate in the program. The tendering process for the PCP was launched in November 2020.
Following its selection, IOTA will collaborate with EBSI on “digital management of educational credentials, the establishment of trusted digital audit trails and document traceability, SME financing, data sharing among authorities, and digital identification.”
In the meantime, EBSI nodes will be managed by the European Commission through 27 member states in the EU, and members of the European Blockchain Partnership.
Expressing his enthusiasm for the selection, IOTA’s co-founder and CEO, Dominik Schiener, said:
IOTA and other projects picked by the European Commission will now participate in a two-year pilot scheme. The first stage of the scheme will last for three months and result in the elimination of three projects. Following this, the pilot will move into its second phase that will involve prototype development and testing for a period of six months.
The final stage of the pilot will have two projects compete over a “12-month phase where the capabilities of the newly developed infrastructure and applications (e.g. digital product passport, IPR management cases) will be tested.”
Projects that complete all phases are expected to receive 1.6 million euros for their services.