• The IOTA is the one public blockchain community chosen by the European Fee for the European Union Blockchain Pre-commercial Procurement (PCP).
  • The ultimate section of PCP is at the moment underway and it shall run for a yr after which the European Fee will resolve whom to select.

On Monday, November 21, blockchain platform IOTA introduced that it has made it by way of to the ultimate section of the European Union Blockchain Pre-commercial Procurement (PCP).

The PCP is the EU’s cross-border service blockchain initiative that’s testing and growing totally different progressive options for the European Blockchain Companies Infrastructure (EBSI). IOTA is barely one of many three contractors to make it this far within the EU’s program.

Because of this, IOTA can be sharing and providing compliant cross-border blockchain options with the bloc. Different contractors chosen together with IOTA embrace Billion and ChromaWay. Moreover, IOTA Basis co-founder Dominik Schiener has additionally confirmed the event. He mentioned:

Sure, it’s true. IOTA has been chosen as certainly one of 3 finalists for the EU Blockchain PCP to construct new options for the European Blockchain Companies Infrastructure.

IOTA is the one public permissionless community that was chosen by the @EU_Commission as a finalist for the @EU_EBSI PCP. This can be a nice alternative to legitimize Crypto, and to assist rebuild the belief and confidence that the fraudsters and grifters have destroyed.

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Schiener additionally asserted that they’re on the trail of driving real-world crypto adoption. The group additionally lauded the efforts of the IOTA Basis and the crew engaged on this system.

European Blockchain Pre-Business Procurement

The report from the European Fee mentioned that the ultimate section of the PCP is underway. Presently, it has been scheduled to run for a yr. With a view to discover out who the European Fee picks, lovers must wait until This fall 2023.

The ultimate improvement and subject testing will occur on this last section or Section 2B. The official announcement reads:

With a view to deploy cross-border blockchain providers throughout Europe as quickly as doable, ongoing EBSI work carried out by the EBP is at the moment focusing primarily on growing use circumstances that may be applied comparatively simply through the use of present blockchain know-how.

It’s clear that there are gaps in present blockchain options to allow the supply of extra demanding cross-border blockchain providers (e.g. concerning full compliance with the EU authorized framework, safety, interoperability, robustness, sustainability). The longer term evolution of the EBSI thus requires new, improved blockchain options.

The blockchain PCP will concentrate on the event and testing of a novel distributed ledger that builds on the EU authorized framework. Moreover, it should additionally observe the GDPR Regulation, the eIDAS regulation, and the NIS Directive.

Associated: ‘IOTA 2.0 is a residing beast’ – Massive updates for consensus, tokenomics and congestion management

The European Fee was searching for a blockchain platform that meets the core necessities of “throughput, interoperability with different techniques, safety, robustness, excessive sustainability / lowered environmental footprint, power effectivity and continuity of the service”. The IOTA community completely meets all of those calls for.

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