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IOTA Foundation to support EU blockchain initiative

The IOTA Foundation is one of seven enterprises chosen to support the early-stage innovation of a European blockchain venture.

The European Commission’s blockchain initiative has selected the IOTA Foundation as one of seven projects to participate in the preliminary stage of designing an EU-wide distributed ledger technology platform. 

The initiative seeks to increase the efficiency and accountability of the European Blockchain Services Infrastructure (EBSI), a network of nodes dedicated to facilitating the efficiency of EU-centric transactions, as well as the expansion of the region’s supply chain through the adoption of emerging technologies, all the while reducing European carbon footprint.

The IOTA Foundation — a non-profit organization supporting the Tangle, an open-source DLT platform — will support EBSI in cross-border relations between governments, businesses, and citizens for the “digital management of educational credentials, the establishment of trusted digital audit trails and document traceability, SME financing, data sharing among authorities, and digital identification.”

This is a developing story, and as such we will add to this article within the hour.

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