Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
The IOTA Foundation has successfully finalized testing of the European Blockchain Services Infrastructure (EBSI), creating prototypes of distributed ledger technology (DLT) solutions that will be incorporated into the EU’s international blockchain framework in the future.
The IOTA Foundation, a prominent developer of software for the Internet of Things (IoT), declared the successful conclusion of Pre-Commercial Procurement (PCP), the final stage of testing the EBSI, the EU’s blockchain framework.
Pre-Commercial Procurement (PCP) is utilized by public entities to foster innovation and create new technologies and solutions that are not yet available commercially. Through PCP, public organizations partner with private firms, academic institutions, and other stakeholders to develop, test, and assess new technologies.
This initiative was initiated by the European Commission in 2020 in collaboration with leading blockchain solution developers. The project aims to establish a scalable, resilient, and secure international infrastructure based on distributed ledger technology (DLT) that aligns with EU regulatory standards and local user requirements for blockchain solutions.
Related Posts
As part of this initiative, the IOTA Foundation worked alongside Chromaway, a provider of blockchain security software solutions, and Billon, a U.K.-based blockchain payment solutions provider, to create prototype DLT solutions for intellectual property rights (IPR) management and digital product passports (DPP), which will be integrated into the EBSI in the future.
Both solutions leverage smart contracts, NFTs, and decentralized identifiers (DID) to ensure complete transparency throughout the entire product lifecycle, from production to disposal. The solutions were tested on IOTA’s decentralized infrastructure, Tangle, which showcased scalability and high performance.
The PCP tests validated the feasibility of DLT systems in commercial applications, as well as their potential to enhance the efficiency of blockchain solution adoption within the EU. It is anticipated that the findings from this project will be utilized in EUROPEUM-EDIC, the subsequent phase of testing and development of the European Union’s international blockchain infrastructure.
Dominik Schiener, Chairman of the IOTA Foundation, stated that the EBSI represents a significant advancement towards establishing a unified digital space in Europe. He also emphasized that IOTA’s technological advancements will bolster Europe’s standing in the global digital marketplace.
In 2023, the EU established the European Blockchain Regulatory Sandbox (EBRS) aimed at facilitating communication between blockchain enterprises and regulators. Additionally, the blockchain project Protokol launched the EBSI VECTOR project, a platform for the verification of digital documents within the EU.
Сообщение European International Blockchain Infrastructure Successfully Tested появились сначала на CoinsPaid Media.
