- Completion of EU Blockchain Project Phase Three
- IOTA Solution Prototypes
- Scalability, Sustainability, and Security
IOTA's appeal in the real world continues to grow, with a rising number of projects and partnerships with non-blockchain institutions. In the latest development, the IOTA Foundation announced that it had successfully completed the third and final phase of the European Blockchain Pre-Commercial Procurement (PCP).
Completion of EU Blockchain Project Phase Three
IOTA was first selected in 2021 as one of the seven successful applicants from a pool of more than 30 hopefuls for the project funded by the European Commission. The Commission is targeting new blockchain solutions for the region. IOTA was picked alongside Chromaway and Billon for this third phase. The successful applications from the project will be integrated into the European Blockchain Services Infrastructure (EBSI), the first public sector blockchain infrastructure in Europe, launched in 2018.
IOTA Solution Prototypes
As part of the project, IOTA developed a core solution that combines its Tangle DLT with open APIs and third-party platforms. It consists of a core DLT layer and satellite systems. From this core offering, IOTA developed three solution prototypes for the PCP: * A digital product passport for electronics that manages the lifecycle of electronic products. * A digital product passport for plastics targeting the global issue of plastic waste. * An intellectual property rights management solution that relies on smart contracts.
Scalability, Sustainability, and Security
The project tested qualities such as scalability, sustainability, and security, which the European Commission deems critical. The Tangle technology demonstrated the ability to handle up to 90,000 transactions per second. It was also confirmed that the system’s energy consumption scales logarithmically. In terms of security, IOTA's systems comply with all regional security and privacy standards.
After successfully completing the PCP stage, the IOTA system is set to enter a pilot stage of integration with EBSI, providing a full set of functionalities for experimentation.
Comments