IOTA Completes Final Phase of European Blockchain PCP Initiative
The
IOTA
Foundation
has
successfully
completed
the
final
phase
of
the
European
Blockchain
Pre-Commercial
Procurement
(PCP),
according
to
IOTA
Foundation
Blog.
This
milestone
marks
a
significant
achievement
in
developing
pre-commercial
blockchain
solutions
for
Intellectual
Property
Rights
Management
and
Digital
Product
Passports.
Background
and
Selection
In
2021,
IOTA
was
selected
as
one
of
seven
projects
from
over
30
applications
to
participate
in
the
European
Blockchain
PCP,
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).
Technological
Developments
Since
the
initiative
began
in
2020,
IOTA
has
documented
its
progress
through
various
phases.
The
final
solution
combines
IOTA’s
DAG-based
Tangle
technology
with
open-source
building
blocks,
APIs,
and
potential
third-party
platforms.
Key
components
include:
-
Core
DLT
Layer:
Built
on
the
Stardust
version
of
the
Tangle
protocol,
featuring
a
Decentralized
Coordinator
and
Proof-of-Authority
consensus
mechanism. -
Satellite
Systems:
Linking
third-party
platforms
through
IOTA-EBSI
connectors,
featuring
an
Auditable
Item
Graph
for
object
traceability.
Solution
Prototypes
IOTA
has
developed
several
solution
prototypes,
including:
-
Intellectual
Property
Rights
(IPR)
Management:
Using
smart
contracts,
NFTs,
and
decentralized
identities
to
automate
and
ensure
transparent
royalty
payments
for
music
in
films. -
Digital
Product
Passports
(DPP):
Tracking
device
life
cycles
from
manufacturing
to
recycling,
and
recording
the
transformation
of
agricultural
plastic
waste
into
bioplastic.
Performance
Metrics
IOTA’s
solutions
demonstrated
significant
advancements
in
scalability,
sustainability,
and
security:
-
Scalability:
The
Tangle
protocol
handled
up
to
90K
confirmed
transactions
per
second,
meeting
the
PCP’s
scalability
ambitions. -
Sustainability:
The
Tangle
protocol’s
energy
consumption
scales
logarithmically
with
transaction
volume,
making
it
more
energy-efficient
than
other
solutions. -
Security
and
Privacy:
Compliance
with
industry
standards,
including
quantum-resistant
cryptographic
methods
and
comprehensive
cybersecurity
assessments.
Future
Prospects
Completing
the
European
Blockchain
PCP
is
just
the
beginning
for
IOTA.
The
foundation
aims
to
continue
developing
its
pilot
use
cases
in
an
IOTA-EBSI
Sandbox
available
to
EU
member
states
and
EBSI
projects.
As
EBSI
evolves
into
EUROPEUM-EDIC,
IOTA
plans
to
establish
partnerships
to
further
enhance
the
European
blockchain
ecosystem.
According
to
Dominik
Schiener,
Chairman
of
the
IOTA
Foundation, “EBSI
is
a
crucial
step
towards
a
cohesive
digital
future
for
Europe,
providing
the
necessary
framework
for
innovation
and
collaboration
across
various
sectors.”
By
participating
in
the
European
Blockchain
PCP,
IOTA
has
showcased
scalable,
sustainable,
and
secure
solutions,
reinforcing
its
commitment
to
enhancing
Europe’s
digital
infrastructure.
Image
source:
Shutterstock
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