Iota Finishes EU Blockchain Pre-Commercial Phase

August 28, 2024 04:09 PM AEST | By Team Kalkine Media

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Iota Finishes EU Blockchain Pre-Commercial Phase — Image source: shutterstock

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The Iota Foundation has successfully completed the final phase of the European Blockchain Pre-Commercial Procurement (PCP) program, marking a significant milestone in the European Union’s efforts to enhance blockchain infrastructure. This achievement positions Iota and its partners to contribute to the next generation of blockchain technology within the EU.

The European Blockchain PCP, initiated in 2020, is a key component of the European {Blockchain} Services Infrastructure (EBSI) initiative. The program aims to advance the scalability, sustainability, and security of blockchain applications across the EU. During the PCP, developers have focused on creating innovative prototypes using distributed ledger technology, addressing areas such as intellectual property rights management and digital product passports.

Iota's completion of the third phase involved collaborations with local entities, including Software AG and the Universidad Politécnica de Cataluña. This phase emphasized the development of blockchain solutions featuring decentralized identities, smart contracts, and advanced data sharding techniques. The goal is to enable scalable and energy-efficient blockchain applications throughout the EU.

As the EU transitions into the European Digital Infrastructure Consortium for Blockchain (EUROPEUM-EDIC), Iota plans to strengthen its partnerships with commercial and governmental bodies to bring its prototypes to market. applications for Iota's solutions include automotive battery tracking and secure management of intellectual property.

This development aligns with the EU’s broader strategy to advance blockchain technology and innovation. In July, the EU announced its collaboration with ChromaWay to develop blockchain-based sustainability solutions. ChromaWay and other participants will meet with the EU in Brussels this September to outline future steps for the latter part of 2024 and into 2025.

Despite Europe's progressive approach in collaborating with blockchain developers and establishing regulations for emerging technologies, there are concerns that excessive regulatory measures might impede progress. Nonetheless, the ongoing initiatives and collaborations reflect Europe's commitment to advancing blockchain infrastructure and integrating it into various sectors.

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