IOTA Foundation will now join European Commission’s Blockchain Project 

IOTA Foundation has announced it was selected by the European Commission for the European Union’s ambitious blockchain project. 

The non-profit, which will participate in the project’s first design phase, announced its participation in a blog post. It will be involved in the initial stage of the pre-commercial procurement (PCP) process for the European Blockchain Services Infrastructure (EBSI) 

The EBSI is a network of nodes designed to provide more efficiency on cross-border services across Europe between various entities such as government, enterprises, and citizens with the help of blockchain tech. 

These interconnected nodes are managed by the European Commission on a regional level and by the ECP on a national level. 

One of its major aims is to strengthen the security and transparency in EU transactions while decreasing Europe’s environmental impact. 

Blockchain’s rise

IOTA operates a zero-cost policy for transactions, making micropayments easier and cheaper which has a big potential to have broader adoption compared to other blockchain projects. 

“We are very excited and honored to be a part of building Europe’s digital services infrastructure. Our goal is to establish IOTA as the foundational technology for Europe and the world. Our economies will be digitized and connected through green, feeless and scalable DLTs,” IOTA co-founder and chief executive officer Dominik Schiener said.

Europe’s blockchain push

EBSI was “born” from the European Blockchain Partnership (ECP) which was supported by EU member states and the European Commission. 

The ECP‘s main task is to develop efficient blockchain infrastructures that would provide massive advantages to public administrations, businesses, and most importantly, citizens. Some $4.7 million has so far been poured on the project between 2019 and 2020. 

“The potential to extend the infrastructure to states outside the 27 member states is also an exciting motivation for the Foundation,” IOTA said. 

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/iota-foundation-will-now-join-european-commissions-blockchain-project/