The IOTA Foundation has been selected to lead the development of a European blockchain network. ~ Cryptops

The IOTA Foundation was one of seven companies chosen to build distributed ledger technology (DLT) for a European blockchain network.

As a result, the IOTA Foundation will take part in the EU blockchain pre-commercial procurement process in its first phase. Participants will create new distributed ledger technologies (DLTs) to improve the European Blockchain Services Infrastructure's scalability, energy efficiency, and security (EBSI).

What is the EBSI acronym?

The European Blockchain Partnership founded EBSI in 2019 with the goal of becoming Europe's blockchain. This would be accomplished by establishing a network of nodes across Europe. These would make it possible for governments, businesses, and citizens to provide cross-border services.

This would, in theory, improve the efficiency and trustworthiness of EU-wide transactions. It would also improve the mobility of citizens, businesses, and goods. Digital management of school certificates, audit trails, and SME finance are only a few of the project's application cases. Data sharing among authorities, digital identity, and document traceability are some examples.

Because EBSI aims to be Europe's blockchain, the European Commission will oversee the network's nodes. Meanwhile, the European Blockchain Partnership's members work on a national level. According to a recent EuroNews poll, 60 percent of Europeans would rather their individual governments create cryptocurrency legislation than the EU.

What is the significance of IOTA?

Because it could best serve the concept of ledger-based secure transactions for an EU digital single market, IOTA was picked as the perfect technology to build on. IOTA technology, in particular, can help EBSI achieve its stated goals of scalability, openness, decentralization, and interoperability.

IOTA's lack of fees also allows for micropayments, which broadens the network's appeal. IOTA's environmental credentials help it scale, and it supports the EU's goal of having Europe climate neutral by 2050. Each Member State can run its own nodes because the network supports high-throughput and a large number of nodes.