IOTA Foundation to support EU blockchain initiative
The European Commission is getting ready to launch a unique EU-wide blockchain service infrastructure. The IOTA Foundation will take part in the first phase of the EU blockchain pre-commercial procurement process.
EU blockchain project
According to Invezz, the new project aims to increase the efficiency and accountability of the European Blockchain Services Infrastructure (EBSI), secure transactions, and expand the regional supply chain.
The IOTA Foundation is a non-profit organisation that developed Tangle, an open source DLT platform. The company will be in charge of supporting EBSI in building international relations with the governments, other companies, and individuals. The blockchain nodes will be managed by a team, consisting of 27 European Commission members. In some regions local representatives will be authorised to act upon their concern.
The IOTA Foundation, along with six other companies, was selected from three dozen candidates who submitted applications for participating in the project last November. Having received the EBSI approval, the teams will start working on pilot schemes. A £5.33 million grant was allocated for the project.
Over the next two years, the participants’ designs will be thoroughly tested. Those ineffective will be excluded. Only two candidates are expected to reach the grand finale. The winner will get £1.37 million and the opportunity to implement their ideas and launch the DLT infrastructure for EBSI.
Soon parties will start competing to develop specific innovations and adapt them to satisfy technical requirements set up by the EU. The PCP procurement process will select those solutions that offer the best value for money and best meet the project requirements.
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