Iota Foundation has successfully concluded its participation in the European Union’s (EU) Blockchain Pre-Commercial Procurement (PCP) program. This achievement positions Iota as a key player in the development of scalable, sustainable, and secure blockchain infrastructure across the European Union.
The PCP initiative, launched in 2020, aimed to foster innovation and collaboration among leading blockchain developers to address specific challenges and opportunities within the European digital ecosystem. Iota, along with seven other participants, worked on developing “cutting-edge” prototypes focused on areas such as intellectual property rights management and digital product passports.
Key achievements of Iota’s participation in the PCP program include:
- Collaboration with local partners: Iota partnered with organizations like Software AG and the Universidad Politécnica de Cataluña to develop blockchain solutions incorporating decentralized identities, smart contracts, and advanced data sharding techniques.
- Focus on scalability and sustainability: The goal of Iota’s work was to create blockchain applications that are both scalable and energy-efficient, ensuring that they can meet the growing demands of the European market.
- Contribution to the European Digital Infrastructure Consortium for Blockchain (EUROPEUM-EDIC): Iota’s successful completion of the PCP program positions it to contribute to the next generation of blockchain infrastructure under EUROPEUM-EDIC.
Dominik Schiener, chairman of the Iota Foundation, expressed enthusiasm about the project’s outcomes:
“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 evolves, Iota plans to leverage its expertise and partnerships to bring its prototypes to market. Potential applications include automotive battery tracking and secure intellectual property management.
The completion of the PCP program aligns with the EU’s broader efforts to promote innovation and digital transformation. In recent months, the EU has announced collaborations with other blockchain developers, such as ChromaWay, to explore sustainability solutions and address emerging challenges in the technology sector.
While Europe has taken a progressive approach to regulating cryptocurrencies and artificial intelligence, critics have raised concerns about the potential impact of excessive red tape on innovation. As the EU continues to develop its blockchain infrastructure and policies, it will be essential to strike a balance between regulation and fostering a supportive environment for technological advancement.
