The European Commission’s blockchain initiative has reportedly included the Iota Foundation as among seven projects joining in the preliminary phase of building a DLT platform applicable throughout the EU. 

Specifically, the initiative is reportedly having plans down its pipeline to make the European Blockchain Services Infrastructure (EBSI) – a network of nodes devoted to supporting the efficiency of EU-focused transactions – more efficient and accountable. 

The plan also entails the widening regarding the scope of the area’s supply chain, via  the adoption of emerging technologies, while simultaneously bringing down European carbon footprint.

The Iota Foundation – a non-profit organization backing the Tangle, an open-source DLT platform – will reportedly offer its assistance in terms of 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.”

the European Commission, composed of the 27 figures of the EU jurisdiction – will reportedly be in charge of the management for the nodes on the blockchain network. 

The Iota foundation was reportedly among the 30 other blockchain/DLT-centric initiatives to finalize the submission of an official application throughout the tendering phase, regarding the pre-commercial procurement in November last year. 

With the greenlight from the EBSI, the initiative will reportedly start working on its pilot scheme in the next two years, where approximately 6.2 million euros will be channeled towards funding the seven applications through a series of elimination phases.