IOTA selected to develop European blockchain network

The IOTA Foundation has been selected as one of seven contractors to design DLT

technology for the European blockchain network. Sponsored

As a result, the IOTA Foundation will participate in the first phase of

the

European blockchain pre-commercial tender process. Participants will design new DLT solutions to improve the scalability, energy efficiency and security of the European Blockchain Services Infrastructure (EBSI

).

What is EBSI?

Founded in 2019 by the European Blockchain Partnership, EBSI has the ambition to become the blockchain for Europe. It would achieve this by developing a network of hubs across Europe. These would enable cross-border services between governments, businesses and citizens.

Sponsored Sponsored

Ideally, this would increase efficiency and trust in transactions across the EU. It would also improve the mobility of citizens, businesses and goods. Some use cases for the project include digital management of educational credentials, audit trails and SME financing. Other examples include data sharing between authorities, digital identification and document traceability.

As EBSI is intended to be a blockchain for Europe, the European Commission will manage the nodes of the network at the European level. Meanwhile, member countries of the European Blockchain Partnership operate at the national level. According to a recent survey

by EuroNews, 60% of Europeans would prefer their own governments to develop cryptocurrency regulations rather than the EU. IOTA selected to develop European blockchain networkiota

Why IOTA?

IOTA was chosen as the ideal technology because it can best support the vision of secure ledger-based transactions for the EU Digital Single Market. More specifically, IOTA technology can facilitate EBSI’s goals of scalability, openness, decentralisation and interoperability.

IOTA’s lack of fees also enables micropayments, which opens up the network to a wider potential audience. IOTA’s green credentials also drive scalability and complement the EU’s goal of making Europe a climate neutral continent by 2050. As the network supports high bandwidth and a large number of nodes, each member state can launch its own nodes.

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