EBSI Building a Distributed Ledger Technology for Europe
Public services are being digitized all over Europe, and digitization has taken a significant leap with the help of the European Blockchain Services Infrastructure (EBSI). The EBSI has selected the IOTA Foundation for designing unique DLT solutions to enable Blockchain technology services across the European Union. The DLT solutions will improve scalability, security, and energy efficiency of the EBSI network. The foundation is currently looking forward to its selection in the upcoming stage so that its Blockchain modules can be engineered and developed across the EU.
The IOTA Foundation is a non-profit organization that operates permissionless, fee-less, scalable, and open-source distributed ledger technology (DLT). By its selection at the EBSI, the IOTA Foundation is going to be a part of the Blockchain pre-commercial procurement of the EU for the development of innovative DLT solutions for the EBSI. Founded in the year 2019 by the European Blockchain Partnership, the EBSI seeks to create a node network all over Europe for supporting cross-border services among enterprises, governments, and citizens. Its core mission is to enhance the trust and efficiency of transactions across the European Union, reduce the environmental impact of Europe, and increase the EU-wide mobility of corporations, goods and services, and citizens in compliance with the regulations of the European Union twinkle in the development of technological projects and hubs.
More than 30 applications have been submitted to the EBSI tender process. 7 projects, including the IOTA foundation, were selected in the first phase by the EBSI. Out of the seven projects, only four projects will be selected for the second phase. According to IOTA prediction, It is expected that the IOTA Foundation will make it to the top. This is because, despite being permissionless, the technology of IOTA Foundation can function in permissioned environments. Its technology can control data distribution and provide permission to various resources in compliance with the European Union regulations for sharing data. With the help of the technology of the IOTA Foundation, the EBSI will be able to maintain a high throughput, support multiple nodes, and enable the member states to operate their codes or set of nodes.
Moreover, the green ecological impact of the IOTA Foundation has increased its chances of selection in the subsequent phase. No miners are working at the IOTA Foundation. As such, the energy expenditure is very low in comparison with other Blockchain networks. IOTA also seeks to provide support to data sharding to make sure that only a part of the network manages the transactions. IOTA is also engaging in sharing its highly advanced core technologies packaged with extra DLT solutions for seamless integration with the network of the EBSI. The additional solutions include third-layer provisioning and second-layer interoperability.
