- European Blockchain PCP and IOTA's Participation
- Development of IOTA's Innovative Prototypes
- IOTA's Achievements in the European Blockchain PCP
The IOTA Foundation recently announced that it has successfully completed the third and final phase of the European Blockchain Pre-Commercial Procurement (PCP), a major initiative funded by the European Commission.
European Blockchain PCP and IOTA's Participation
IOTA Foundation was one of the seven organizations participating in the European Blockchain PCP, which began in 2020. The goal of the program is to create new Distributed Ledger Technology (DLT) solutions for integration into the European Blockchain Services Infrastructure (EBSI). EBSI is an open-source permissioned network supporting cross-border credential attestations across Europe. The long-term goal is the evolution of the infrastructure into the European Digital Infrastructure Consortium for Blockchain (EUROPEUM-EDIC), which will offer scalable, energy-efficient, and secure blockchain applications.
Development of IOTA's Innovative Prototypes
As part of its participation in the European Blockchain PCP, the IOTA Foundation developed innovative solution prototypes. One such prototype focuses on intellectual property rights (IPR) management using NFTs, smart contracts, and decentralized identities (DIDs). The IOTA IPR Marketplace is accessible through an EU Digital Identity-compatible credential wallet. Similarly, IOTA has developed Digital Product Passports (DPPs) for both the electronics and plastic industries. The electronics DPP prototype tracks the entire lifecycle of electronic devices from manufacturing to recycling. The plastics DPP prototype focuses on transforming agricultural plastic waste into bioplastic, recording each stage of the process.
IOTA's Achievements in the European Blockchain PCP
IOTA demonstrated its technology in various areas:
1. Scalability: IOTA’s Tangle technology achieved 90K confirmed transactions per second using the Tangle Tree sharding concept, supporting exponential scalability with 100 interconnected Tangles.
2. Sustainability: Energy consumption for IOTA’s Stardust Tangle scaled logarithmically with transaction volumes, making it more energy-efficient than other solutions such as Hyperledger Besu.
3. Security and Privacy: IOTA adhered to industry standards, developed quantum-resistant cryptography, and ensured compatibility with European regulations, enhancing both security and privacy in its blockchain solution.
The completion of the European Blockchain PCP provides IOTA with the opportunity to bring these innovations and prototypes to the market, thereby contributing to future blockchain services in Europe.
