IOTA Elected To Join Blockchain Services In Europe

IOTA participates in providing blockchain services in Europe. (Photo; Doc. QuebecNews)

JAKARTA IOTA, a blockchain focused on developing the Internet of Things (IoT) ecosystem, has been selected to participate in the development and provision of blockchain services in Europe. This was conveyed directly by the IOTA in its official blog post.

For information, IOTA uses the Directed Acyclic Graph (DAG) technology called Tangle, which is different from the blockchain used by cryptography in general. Tangle allows fast and free transactions because there is no miner fee.

That way, IOTA will participate in the European Blockchain Pre-Commercial Procument (PCP) blockchain project. The project aims to research the potential use and development of blockchains to improve new infrastructure for the European Blockchain Service Infrastructure (EBSI). In turn, the project will allow the exchange of verifiable information among entities in the European Economic Zone (EEA).

According to a recent report, IOTA is claimed to have successfully demonstrated the capabilities of the Tangle-based distributed ledger system in the first phase, piloting recycling projects and intellectual property. In addition, IOTA will also get a second phase of improvement.

This next phase will involve testing the IOTA Stardust, an upgrade that turns a fundamental layer into a multi-asset ledger, which allows interaction with the Layer 2 network smart-contract. This is field testing against IOTA's ability to tokenize assets and work with smart contracts that are of interest to the European Commission at this stage, as reported by U.Today.

Dominik Scheiner, founder of the IOTA and chairman of the IOTA Foundation, is optimistic about the project. Especially to bring new technology distributed ledgers or distributed leakers to the European market. He also added that this step shows that Europe is preparing to move to a higher stage.