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- The recent INATBA report underscores the widespread adoption of blockchain technology across public and private consortial projects, emphasizing initiatives like EBSI and EUBOF for upgrading Europe’s digital infrastructure.
- IOTA’s involvement in projects such as EBSI finalists and blockchain-backed Digital Product passports reflects its significant contributions to advancing transparency and efficiency.
The International Association for Trusted Blockchain Applications (INATBA) published a recent report providing an overview of several public and private consortial projects that use, propose, or standardize blockchain technology across various sectors. The IOTA Foundation is also part of the INATBA thereby contributing to several important initiatives.
The report from INATBA highlights major public infrastructure projects such as the European Blockchain Services Infrastructure (EBSI) and the EU Blockchain Observatory & Forum (EUBOF). It also emphasizes their crucial role in upgrading Europe’s digital infrastructure. As reported by CNF last month, IOTA was also one of the finalists for the EU’s EBSI project.
IOTA is an essential service provider within the European Blockchain Services Infrastructure, innovating with solutions such as ‘Track & Trace’ for traceability and ‘Verifiable Credentials’ for authentication.
Contributions In Supply Chain Management
Additionally, the INATBA project also examines initiatives like Catena-X and Manufacturing-X with the goal of enhancing transparency and efficiency in supply chain management. The report also explores advancements in Energy & Grid Management, Mobility, Construction, and Carbon Credits & Circular Economies, featuring projects like Digital Identities in the Energy System (DIVE) and GAIA-X iECO that drive sustainability and operational excellence. Besides, IOTA has also been working on some interesting projects such as the blockchain-backed Digital Product passports, as per this CNF report.
IOTA is transforming construction data management by developing digital twins that encompass the entire lifecycle of buildings, from planning to controlled demolition. Furthermore, IOTA and TradeMark Africa are modernizing cross-border operations by facilitating seamless digital exchanges of data and trade certificates, enhancing efficiency and mitigating fraud.
Furthermore, the IOTA-based Trade Logistics Information Pipeline (TLIP) is transforming post-Brexit trade between the EU and the UK by enabling real-time data sharing among trading partners and reducing administrative costs, per the CNF update.
Exploring Tokenization in the Financial Sector With IOTA
The INATBA report delves into the transformative potential of blockchain in the financial sector, discussing initiatives such as Central Bank Digital Currencies (CBDCs) and Asset Tokenisation. The IOTA Foundation is working in the direction of asset tokenization with the upcoming launch of the IOTA 2.0 network.
In an interview last month, IOTA co-founder Dominik Schiener highlighted IOTA’s strategic focus on Real-World Asset (RWA) tokenization, aiming to digitize billions of assets within its ecosystem. He underscored IOTA’s innovative use of Directed Acyclic Graph (DAG) technology, which sets it apart from other cryptocurrencies and facilitates seamless global collaboration with various entities.
The upcoming launch of IOTA 2.0 is set to position the IOTA network as the leading ledger for real-world tokenized assets. This upgraded version will enhance the network’s performance, efficiency, and scalability, making it the preferred choice for tokenized assets. Despite challenging market conditions, the Real-World Asset (RWA) market has experienced significant growth. In response, IOTA is driving the development of solutions and infrastructure to meet the increasing demand in this sector
Lastly, the INATBA report underscores the contributions of standardization initiatives like Hyperledger and LACChain to global blockchain innovation.
Amid the broader market recovery, IOTA’s native crypto is currently trading 2.23% up at $0.1656 with a market cap of $553 million.