Iota Foundation has been selected to support the European Commission’s blockchain initiative, as one of seven projects in the preliminary stage of designing an EU-wide distributed ledger technology platform.
Cointelegraph reports the initiative seeks to increase the efficiency and accountability of the European Blockchain Services Infrastructure (EBSI), a network of nodes dedicated to facilitating the efficiency of EU-centric transactions, as well as the expansion of the region’s supply chain through the adoption of emerging technologies, all the while reducing European carbon footprint.
Iota Foundation is a non-profit organisation supporting the open-source DLT platform Tangle. It will support EBSI in cross-border relations between governments, businesses, and citizens for the “digital management of educational credentials, the establishment of trusted digital audit trails and document traceability, SME financing, data sharing among authorities, and digital identification.”
The foundation was among 30 blockchain/DLT focused projects to submit an official application during the tendering process for the pre-commercial procurement in November 2020.
The nodes on the blockchain network will be managed by the European Commission with the 27-member EU jurisdiction, and by individual members of the European Blockchain Partnership within individual regions.