According to Cointelegraph, the IOTA Foundation announced the successful completion of the final stage of the EU Blockchain Pre-Commercial Procurement (PCP) project, advancing the development of blockchain technology together with seven other participants.

The project, launched in 2020, aims to enhance the European Blockchain Services Infrastructure (EBSI) to support cross-border digital services. The completion of the third phase of IOTA will enable it to contribute to the upcoming European Digital Infrastructure Alliance (EUROPEUM-EDIC).

IOTA has worked with local partners to develop blockchain solutions that include decentralized identities (DIDs), smart contracts, and advanced data sharding technologies, with the goal of achieving scalable and energy-efficient blockchain applications.

Dominik Schiener, Chairman of the IOTA Foundation, said that EBSI is an important step for Europe’s digital future, providing the necessary framework for innovation and collaboration across industries.

As the European blockchain sector transitions to EUROPEUM-EDIC, IOTA plans to consolidate its collaboration with commercial entities and government agencies to bring its prototype to market, with applications ranging from car battery tracking to intellectual property management.

In July this year, the EU confirmed that it would cooperate with ChromaWay to develop sustainable solutions based on blockchain, and would discuss the next steps in the fourth quarter of 2024 and 2025 at a seminar in Brussels in September.