IOTA Selected for Phase 2 of EU Blockchain Trial

The IOTA Foundation has announced that it has been selected, along with four other candidates, for the second phase of the European Commission’s “pre-commercial procurement” process of building a European Blockchain Services Infrastructure.

The EU Commission has awarded funding to IOTA, which will allow them to research, develop and test the use of their DAG-based technology in key areas including interoperability, scalability, energy efficiency, security, consensus, identity, and governance.

This phase of the process will last six months, at the end of which the EU Commission will evaluate the participants’ performance. A minimum of three candidates will then progress to the next phase, which will focus on final solutions development and field testing. The third phase is expected to last another year.

The IOTA Foundation said that it is “excited to work with the European Commission on the EU blockchain pre-commercial procurement over the next six months”.

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We previously reported that IOTA is one of the most energy-efficient DLT networks at scale, a consideration that will be important for the European Commission when choosing a technology provider for the European Blockchain Services Infrastructure.