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IOTA Picked to Enable DLT Service Infrastructure in EU


u.today 07 September 2021 09:57, UTC
Reading time: ~2 m

The IOTA Foundation has been chosen to take part in the process of pre-commercial procurement for the EBSI – European Blockchain Services Infrastructure. That is a network of DLT nodes spread around the EU. The data was shared with U.Today in an exclusive press-release.

The EBSI was set up back in 2019 and its goal is to deploy a network of DLT nodes in the European Union in order to support cross-border services that would link governments, regular citizens and big businesses and SME. It would be able to bring down the waste of nature resources, help companies comply with local regulatory rules, encourage the expansion of tech hubs, etc. All the data transferred on this network will be verified by the EBSI.

The nodes will be run by the European Commission and separate states that are members of the EU – 27 of them. Once, the technology is spread in Europe it has chances to go beyond this territory.

Besides, IOTA’s mechanism that does not impose transaction fees has a potential to be used by wider number of users that other blockchain networks. Besides, it allows making micropayments that anyone can afford.

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