The IOTA Foundation has been chosen to take part in the process of pre-commercial procurement for the EBSI: European Blockchain Services Infrastructure. That is a network of DLT nodes spread around the EU. The data was shared with U.Today in a press release.
The EBSI was set up back in 2019 with the goal of deploying a network of DLT nodes in the European Union to support cross-border services that would link governments, regular citizens, large businesses and SME. It would be able to reduce the waste of natural resources, help companies comply with local regulatory rules, encourage the expansion of tech hubs and more. All of the data transferred on this network will be verified by the EBSI.
The nodes will be run by the European Commission and separate states that are members of the EU – 27 in all. Once the technology is spread throughout Europe, it will have the chance to go beyond this territory.
Besides, IOTA's mechanism, which does not impose transaction fees, has the potential to be used by a wider number of users than other blockchain networks. Besides, it allows for processing micropayments that anyone can afford.