What are the EU and IOTA up to together? The IOTA Foundation has announced in a press release that IOTA has been selected by the EU Commission for an ambitious project.
The IOTA Foundation has announced in a press release that IOTA is one of only seven European tech companies selected by the EU Commission for an ambitious project. According to the release, the applicant pool included several hundred projects that applied for a spot in the project. The ambitious project is the European Blockchain Services Infrastructure (EBSI).
Dr. Navin Ramachandran, Vice Chairman of the IOTA Foundation, is quoted in the press release as saying:
EBSI is a project that is fully in line with the IOTA philosophy and vision. Going through the arduous award process was ultimately an exciting and rewarding experience. The idea of a freely accessible, scalable and versatile distributed ledger technology that will form the backbone of Europe’s digital single market fits naturally with our own guiding principles in the process.
Aim of the initiative
One of the objectives of the project is to develop and test blockchain solutions for the Digital Single Market. IOTA will play a key role in the creation and maintenance of the European Blockchain Service Infrastructure (EBSI). EBSI is a network that aims to facilitate the flow of information between companies, institutions, authorities and individuals in the European Economic Area.
Further goals of EBSI are to increase efficiency and trust in EU-wide transactions. The initiative also aims to simplify the cross-border mobility of citizens and goods. And finally, the project should contribute to reducing the CO₂ footprint. Big goals, then, that the project has taken on.
The EBSI initiative was created in cooperation between the European Commission and the EU/EEA member states. In this, the network consists of blockchain nodes spread across Europe. Meanwhile, Dr. Serguei Popov, co-founder and member of the Board of Directors of IOTA Foundation, expresses his views in the press release:
‘Creating a blockchain network on a continental scale is an ambitious and technically challenging undertaking – exactly the kind of project IOTA was built for. The EU is taking a big step towards its digitization goal, and we look forward to the opportunity to contribute our production-ready technology to this momentous development that will transform the exchange of trusted information across Europe and beyond.
Potential use cases for EBSI include:
- Digital management of image sources
- Trusted notarizations
- Financing of small and medium enterprises
- data exchange between public authorities
- the creation of a digital identity
You can read more about it here:
IOTA is well equipped
IOTA, meanwhile, sees itself ideally positioned to deliver on EBSI’s goals of scalability, openness, decentralization, interoperability and energy efficiency. To make sure everything goes smoothly, the IOTA Foundation wants to continue working on its core protocol. This work on the protocol includes, among other things, a sharding framework based on IOTA Smart Contracts Protocol (ISCP). This is intended to ensure scaling across Europe.
Dominik Schiener, co-founder and chairman of the IOTA Foundation:
We are very excited to move forward in the rigorous EBSI procurement process and are very confident that we will play a pivotal role in the adoption of distributed ledger technology across European administrations. EBSI is a great fit for IOTA, both technologically and ideologically. This is because we do not need to adapt an existing blockchain or start developing a new solution that meets EBSI’s requirements. Our core technology already meets the strict requirements and exact specifications for a European ledger infrastructure almost perfectly. As a result, this infrastructure can be widely deployed with only minimal customization.