IOTA Foundation has been selected as one of the seven fintech firms set to participate in the preliminary pre-commercial procurement process for the European Blockchain Services Infrastructure (EBSI) to build a network of blockchains across the European Union (EU). The non-profit blockchain firm will compete with the rest to win a contract to develop and install a network of blockchain nodes to enhance communication, transfers, services, and records across the continent.

EBSI launched in 2019 via the European Blockchain Partnership to enhance the services between governments, citizens, and enterprises across Europe using blockchain technology. According to the release statement, the blockchain nodes will improve “the efficiency and trust of EU-wide transactions, enhance the mobility of citizens, enterprises, and goods, reduce Europe’s environmental impact” while remaining compliant to laws and enhance the growth of fintech hubs across the continent.

Each of the 27 EU member states and the EU Commission will run their nodes to complete a variety of tasks such as verification of education credentials, SME financing, enhance money transfer, build trustless audit trails, and data sharing across relevant authorities. The project winner will build solutions for Europe, and the technology will spread outwards once implemented on every EIU member state.

Known for its Tangle infrastructure, which charges zero fees and completes transactions instantly, IOTA matches the perfect fit for EBSI, according to Dominik Schiener, Co-Founder and Chairman of the IOTA Foundation. As one of the seven firms in the procurement process, he believes IOTA will provide blockchain solutions with minimal effort as they “do not need to adopt an existing blockchain or start developing a new solution for ESBI.”

“Our core technology already offers a near-perfect match to the strict requirements and precise specifications for a European ledger infrastructure.”

“It is ready for widespread adoption with only minimal adjustment.”

The ESBI procurement process kicked off in November 2020, with over 30+ blockchain firms applying in the first phase. The process aims to select projects that design new DLT solutions to improve the scalability, energy efficiency, and security of EBSI, a network of blockchain nodes across Europe.

Over the course of the pre-commercial procurement process, around €6.2 million will be released to the projects, with every project reaching the final stage guaranteed to receive €1.6 million for their services. The next phase is expected to run for the next nine months, with four of the seven projects selected for the next round. Here, projects will release their beta projects and will be tested using European data sets and tools.

Once selected, the four will battle it out, and the list will be cut short to two finalists to create the European blockchain networks. The final will run through a 12-month span where the capabilities and features of the developed infrastructure will be tested on digital transfer of data, IPR management cases, and digital passports.

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