iov42 and six other successful parties have been chosen from 35 offers to participate in the EU blockchain pre-commercial procurement (PCP). This flagship project from the European Commission, the European Blockchain Partnership, and EU countries aims to leverage blockchain technology to improve the scalability, energy efficiency and security standards of cross-border services for public administrations, citizens, and, businesses across the EU.
In a first for the continent, the EU Blockchain PCP aims to develop and test blockchain-based services that benefit citizens, society, and the economy. These services include digital product passports that enhance the traceability and circularity of products and their components, as well as EU-wide management of digital IP rights. When completed, the EBSI will allow public administrations to protect against fraud, help businesses to alleviate administrative costs, and enable citizens to take full control of their personal data.
Upon completion, the new solutions developed during the PCP aspire to be facilitating use cases which would represent several billion transactions per minute across Europe, a world first for blockchain technology. iov42 is developing innovative technology to drive forward these ambitions.
The mission to elevate the EBSI has been split into three phases, with the initial three-month phase focusing on how the infrastructure can best take shape. Later phases will cover solution development and testing. iov42 will take a leading role within the series of research and development projects included in phase one.
The next generation EBSI will be built as a ‘public permissioned’ blockchain in cooperation with the European Commission and EU countries. The infrastructure will be built with European values of privacy, data sovereignty and green credentials in mind, whilst also tackling global issues such as climate change and supply chain corruption.
Being invited to contribute to this pan-European project marks the biggest win for iov42 to date. When reflecting on this exciting development, our CEO Dominic von Trotha Taylor shared:
“We are delighted to have been selected by the European Commission to work in the EU Blockchain PCP to improve the future evolution of EBSI. It is hugely validating to have an organisation such as the Commission testing our platform’s capabilities—Capabilities and approach which we feel represents a refreshing departure from traditional DLT (distributed ledger technology) and which was designed with governments, enterprises and regulation front and centre.”
The requirements and ambitions of EBSI are well aligned with the fundamental principles of iov42’s technology. As a company that always strives to be unfailingly trustworthy and reliable, iov42 is excited to see the practical ways our platform can create impact for EBSI, the European Commission, European citizens and, hopefully, the world.
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