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Iota Foundation Selected for EU Blockchain Project

Anna Martynova

The European Commission's Blockchain Initiative has selected the Iota Foundation as one of seven projects to participate in the preliminary development phase of a European Union-wide distributed ledger technology platform.

The initiative aims to improve the efficiency and accountability of the European Blockchain Services Infrastructure (EBSI), a network of nodes designed to promote the efficiency of EU-oriented transactions, as well as expanding the region's supply chain by introducing new technologies while reducing the carbon footprint.

The nodes in the blockchain network will be managed by the European Commission under the EU jurisdiction of 27 members, as well as individual members of the European Blockchain Partnership in selected regions. Once approved by EBSI, the project will embark on a two-year pilot scheme that will provide €6.2 mln to seven participants through a series of liquidation phases. After the first year of rigorous testing in various applications, only two projects will compete in the final round.

Image: CryptoFox

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