IOTA Completes Final Phase of European Blockchain PCP Initiative

IOTA successfully concludes the European Blockchain PCP, developing scalable and sustainable blockchain solutions for Europe.

IOTA Completes Final Phase of European Blockchain PCP Initiative

Alvin Lang Aug 21, 2024 01:11

IOTA successfully concludes the European Blockchain PCP, developing scalable and sustainable blockchain solutions for Europe.

press release

IOTA Foundation Blog Aug 21, 2024 00:00

The IOTA Foundation has successfully completed the final phase of the European Blockchain Pre-Commercial Procurement (PCP), according to a recent blog post by the IOTA Foundation. This milestone marks a significant achievement in developing pre-commercial blockchain solutions for Intellectual Property Rights Management and Digital Product Passports.

Following a competitive selection process in 2021, seven projects were chosen out of over 30 applications to participate in the European Blockchain PCP, which is funded by the European Commission. The initiative aims to design new Distributed Ledger Technology (DLT) solutions for Europe, to be integrated into the European Blockchain Services Infrastructure (EBSI) and its next evolution, the European Digital Infrastructure Consortium for Blockchain (EUROPEUM-EDIC).

IOTA began documenting its progress in the initiative’s various phases, which began in 2020. The final solution combines IOTA's DAG-based Tangle technology with open-source building blocks, APIs, and potential third-party platforms. Some key components of the solution include:

Modular Architecture: The solution is designed to be easily integrated with other solutions and applications through APIs and open-source code.

Tangle Integration: IOTA's feeless and scalable Distributed Acyclic Graph (DAG) technology, Tangle, provides the underlying blockchain infrastructure for the solutions.

Sustainability Focus: IOTA's inherently sustainable Tangle technology aligns with EBSI's goals for energy-efficient solutions.

Several solution prototypes have been developed by IOTA, showcasing the practical applications of the technologies developed during the initiative. These prototypes include:

IP Rights Management Solution: This prototype demonstrates how IOTA technology can be used to efficiently manage and track Intellectual Property (IP) rights, ensuring transparency and reducing administrative costs.

Digital Product Passport Solution: This prototype showcases IOTA's role in creating Digital Product Passports, which provide a secure and verifiable record of a product's journey throughout the supply chain, enhancing consumer trust and product traceability.

IOTA's solutions demonstrated significant advancements in scalability, sustainability, and security during testing and evaluation:

Throughput: IOTA's solutions achieved an impressive throughput of 1,000 transactions per second (TPS), showcasing the technology's ability to handle high transaction volumes efficiently.

Energy Consumption: IOTA's inherently sustainable Tangle technology proved its worth once again, consuming minimal energy compared to other blockchain solutions during the initiative.

Security Audits: Independent security audits were conducted to ensure the robustness and integrity of IOTA's solutions, attesting to their high level of security.

Completing the European Blockchain PCP is just the beginning for IOTA. The foundation will continue developing its pilot use cases in an IOTA-EBSI Sandbox, which will be made available to EU member states and EBSI projects. As EBSI evolves into EUROPEUM-EDIC, IOTA also plans to establish partnerships to further enhance the European blockchain ecosystem.

“EBSI is a crucial step towards a cohesive digital future for Europe, providing the necessary framework for innovation and collaboration across various sectors,” said Dominik Schiener, Chairman of the IOTA Foundation. “By participating in the European Blockchain PCP, IOTA has showcased scalable, sustainable, and secure solutions, reinforcing our commitment to enhancing Europe's digital infrastructure.”

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