IOTA Reaches Final Round of EU Blockchain Contest
IOTA, a blockchain platform, has confirmed its advancement to the final stage of the European Union’s Blockchain Pre-commercial Procurement (PCP). The PCP is the EU’s blockchain project for trans-border activities that tests and develops various creative solutions for the European Blockchain Services Infrastructure (EBSI). IOTA is one among three contractors that have reached this point in the EU’s scheme.
As a consequence, IOTA will share and provide the bloc with compatible trans-border blockchain applications. Along with IOTA, Billion and ChromaWay were also chosen as vendors. Dominik Schiener, co-founder of the IOTA Foundation, has also verified the advancement. He stated, “Yes, it’s accurate. IOTA has been chosen as one of three finalists for the EU Blockchain PCP, which seeks to develop novel ideas for the European Blockchain Services Infrastructure.
IOTA is the only public permissionless system chosen as a contender for the @EU EBSI PCP by the @EU Commission. This is an excellent chance to legalize Cryptocurrency and assist recover the confidence and belief that swindlers and scam artists have eroded.”
Additionally, Schiener said that they are well on their way to achieving widespread cryptocurrency acceptance. The community praised the initiatives of the IOTA Foundation and the network’s crew as well. According to a statement from the European Commission, the last stage of the PCP is now ongoing. It is now slated to continue for one year. To know who the European Commission selects, fans will have to watch until the fourth quarter of 2023.
In this last step, or Phase 2B, the ultimate advancement and field trial will occur. The official statement states, “In addition to offering cross-border blockchain solutions throughout Europe as quickly as feasible, continuing EBSI work done by the EBP focuses primarily on establishing business cases that may be deployed reasonably cheaply by utilizing existent blockchain technology.
Current blockchain technologies are insufficient to support the execution of increasingly demanding trans-border blockchain solutions (e.g. in regards to total compliance with the EU legal infrastructure, safety, interoperability, robustness, sustainability). Therefore, the EBSI’s future development demands new and enhanced blockchain technologies.”
The blockchain PCP will concentrate on the creation and trialing of a new distributed ledger based on the EU legislative framework. In addition, it must comply with the GDPR Regulation, eIDAS Regulation, and NIS Directive.
The European Commission sought a blockchain platform that fulfills “processing capacity, interoperability with several systems, safety, resilience, high sustainability/reduced ecological consequences, power efficiency, and service consistency” criteria. The IOTA network fits all of these requirements flawlessly.