The IOTA Foundation is a non-profit organization that supports the research and development of new distributed ledger technology (DLT), including IOTA Tangle, Announced today that it has been selected to participate in the European blockchain service infrastructure (EBSI), a network of blockchain nodes across the European Union (EU).
EBSI was established by the European Blockchain Partnership in 2019 to develop a distributed ledger network throughout the European community to support cross-border services between governments, enterprises and individuals. The goal is to enhance cross-border mobility, reduce waste of resources, enforce compliance with EU regulations, and encourage the development of technology centers and projects. Thanks to EBSI, verified information will flow quickly and reliably across Europe.
The nodes of the EBSI network will be operated by the European Commission and individual member states. Current and planned use cases include digital management of educational certificates, establishment of trusted digital audit trails in notarization, SME financing, data sharing between authorities, and European digital identities. After the initial implementation of the EU, the technology may be extended beyond 27 member states.
IOTA is in a good position to realize EBSI’s vision of providing secure ledger-based transactions for the EU digital single market. IOTA’s technology meets EBSI’s goals of scalability, openness, decentralization, and interoperability. In essence, it is permissionless, but IOTA can still grant permissions to certain resources and control data distribution to ensure compliance with EU data sharing. It also supports high throughput and a large number of nodes.
In addition, the cost-free nature of IOTA makes micropayments possible and opens up the network to a wide audience. Anyone can afford to use it, and the transaction costs on other blockchains make notarization of small information exchanges (such as the cost of stamping a single document) prohibitive. IOTA is also energy efficient and complements the European Green Agreement. The EU’s overall goal is to make Europe carbon neutral by 2050.
“We are very excited about making progress in the rigorous EBSI procurement process, and we are very pleased with the opportunity to play a central role in introducing distributed ledger technology to European governments. EBSI is very suitable both technically and ideologically. We are not Need to adjust the existing blockchain or start to develop new solutions that suit the needs of EBSI. Our core technology has provided a nearly perfect match for the strict requirements and precise specifications of the European ledger infrastructure, and only requires minimal adjustments Can be widely adopted.”
– Dominik Schiener, Co-founder and Chairman of the IOTA Foundation