• 16 July, 2024
News

IOTA Set to Play Major Role in European Union’s Blockchain Plans

According to the official blog of the cryptocurrency firm IOTA, the company has been invited to take part in the next stage of development and testing of a solution to deliver enhanced pan-European blockchain services based on a distributed ledger.

Big plans for IOTA

The European Blockchain Pre-Commercial Procurement (PCP) project explores blockchain technology’s potential to enhance and develop new use cases for the European Blockchain Services Infrastructure, thereby facilitating the exchange of verified information among all entities within the European Economic Area.

The PCP picked IOTA after thorough testing in phase 2A. It is currently envisaged that the IOTA foundation would create and extensively test a cutting-edge distributed ledger system. When developed to exacting standards, it has the potential to facilitate the uniform distribution of blockchain-based services across the continent of Europe.

The PCP’s primary objective is to investigate and evaluate cutting-edge blockchain applications. A secondary goal is to determine whether or not these technologies will have practical applications in the near or distant future.

This technology will soon be put into use, expanding the ESBI’s network capabilities and application cases. Later, the EBSI would assist in the unhindered transfer of reliable data across various entities. 

The European System for Blockchain Innovations (ESBI) was founded in 2019 to create a unified blockchain infrastructure for use by a wide range of European countries. In addition, it will facilitate a wide range of international services between various governmental agencies, commercial enterprises, and private citizens.

With pilot programs for recycling and IP rights, IOTA claims to have shown off the potential of its Tangle-based distributed ledger technology. Positively, the native IOTA token, MIOTA, saw a price surge of over 8%.

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