EU Advances Blockchain Development With IOTA Foundation's Completion Of Key Phase

According to Cointelegraph, the European Commission has been collaborating with leading blockchain developers to enhance scalability, sustainability, and security across the European Union. The IOTA Foundation recently announced the successful completion of the final stage of the EU's blockchain Pre-Commercial Procurement (PCP), alongside seven other participants. The developers have been working on advanced prototypes using distributed ledger technology (DLT) solutions, focusing on areas such as intellectual property rights (IPR) management and digital product passports (DPP). Initiated in 2020, the European Blockchain PCP is part of a broader strategy to improve the European Blockchain Services Infrastructure (EBSI), a network designed to support cross-border digital services. IOTA's completion of the third phase positions the foundation to contribute to the next generation of blockchain infrastructure under the forthcoming European Digital Infrastructure Consortium for Blockchain (EUROPEUM-EDIC). This phase included collaborations with local partners like Software AG and the Universidad Politécnica de Catalunya to develop solutions incorporating decentralized identities (DIDs), smart contracts, and advanced data sharding techniques. The goal is to enable scalable and energy-efficient blockchain applications across the EU infrastructure. Dominik Schiener, chairman of the IOTA Foundation, emphasized the importance of EBSI, stating, 'EBSI is a crucial step towards a cohesive digital future for Europe, providing the necessary framework for innovation and collaboration across various sectors.' As the European blockchain landscape transitions into EUROPEUM-EDIC, IOTA plans to strengthen its partnerships with commercial entities and governmental bodies in the region to bring its prototypes to market. Potential applications include automotive battery tracking and secure intellectual property management. This development aligns with the EU's ongoing efforts to advance its policies and innovations in the emerging technology sector. In July, the EU confirmed its collaboration with ChromaWay to develop blockchain-based sustainability solutions. The team from ChromaWay, along with other blockchain participants, will join the EU at a follow-up workshop in Brussels this September to outline the next steps for Q4 2024 and into 2025. Despite Europe's progressive stance in collaborating with developers and creating regulations for crypto and artificial intelligence (AI), critics argue that excessive bureaucracy may hinder progress.