The post IOTA Completes Final Phase of European Blockchain PCP Initiative appeared on BitcoinEthereumNews.com.

Alvin Lang Aug 21, 2024 01:11 IOTA successfully concludes the European Blockchain PCP, developing scalable and sustainable blockchain solutions for Europe. The IOTA Foundation has successfully completed the final phase of the European Blockchain Pre-Commercial Procurement (PCP), according to IOTA Foundation Blog. This milestone marks a significant achievement in developing pre-commercial blockchain solutions for Intellectual Property Rights Management and Digital Product Passports. Background and Selection In 2021, IOTA was selected as one of seven projects from over 30 applications to participate in the European Blockchain PCP, funded by the European Commission. The initiative aims to design new Distributed Ledger Technology (DLT) solutions for Europe, to be integrated into the European Blockchain Services Infrastructure (EBSI) and its next evolution, the European Digital Infrastructure Consortium for Blockchain (EUROPEUM-EDIC). Technological Developments Since the initiative began in 2020, IOTA has documented its progress through various phases. The final solution combines IOTA’s DAG-based Tangle technology with open-source building blocks, APIs, and potential third-party platforms. Key components include: Core DLT Layer: Built on the Stardust version of the Tangle protocol, featuring a Decentralized Coordinator and Proof-of-Authority consensus mechanism. Satellite Systems: Linking third-party platforms through IOTA-EBSI connectors, featuring an Auditable Item Graph for object traceability. Solution Prototypes IOTA has developed several solution prototypes, including: Intellectual Property Rights (IPR) Management: Using smart contracts, NFTs, and decentralized identities to automate and ensure transparent royalty payments for music in films. Digital Product Passports (DPP): Tracking device life cycles from manufacturing to recycling, and recording the transformation of agricultural plastic waste into bioplastic. Performance Metrics IOTA’s solutions demonstrated significant advancements in scalability, sustainability, and security: Scalability: The Tangle protocol handled up to 90K confirmed transactions per second, meeting the PCP’s scalability ambitions. Sustainability: The Tangle protocol’s energy consumption scales logarithmically with transaction volume, making it more energy-efficient than other solutions. Security…

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Filed under: News - @ August 21, 2024 1:24 am