IOTA Leads the Way in European Union’s EDIC Initiative for Blockchain Infrastructure, Spearheading Europe’s Digital Transformation
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- The European Union is working towards launching an international body as part of the EDIC initiative to oversee blockchain platforms connecting citizens to public services.
- IOTA has expressed keen interest in actively participating in the European Union’s EDIC initiative and contributing to this vision by leveraging its technology stack for the initiative’s success.
The European Union has accelerated its development in building the blockchain infrastructure across the region. Now, by the end of 2024, the member nations are working to launch a new international body that will oversee the development and deployment of blockchain platforms connecting European citizens to public services.
Earlier this month in June, the European Commission launched a new European Digital Infrastructure Consortium (EDIC), dedicated to scaling up efforts of competing with other large-scale blockchain groundwork.
Nena Dokuzov, head of the blockchain group in Slovenia’s Ministry of the Economy, Tourism, and Sport, has been spearheading efforts to take Europe’s blockchain infrastructure to the next level. “This is the real contribution: blockchain will be recognized, it will be visible and people will know there is an institution to take care of blockchain’s broader application,” she told DL News.
Currently, all blockchain-related developments in Europe happen through the European Blockchain Services and Infrastructure (EBSI) is the current blockchain project, set up in 2018 by the Commission. It also includes a group of 29 European countries that have formed the foundations for future EU public services.
It is one of several approved applications responding to the call for interest at the end of last year to form a consortium responding to Europe’s digitalization push. After the Stockholm assembly, the EBSI will transition slowly into the new political entity.
IOTA To Actively Participate in European Union’s EDIC Initiative
The IOTA Foundation has shown a strong interest in participating in the European Union’s EDIC initiative. Speaking on the development, IOTA co-founder Dominik Schiener said that the EDIC initiative represents a significant advancement, marking a positive stride in the right direction.
Europe recognizes the importance of a reliable and accessible infrastructure that can drive the digital revolution across our economy and society. IOTA takes pride in its contribution towards this vision, aiming to generate value not only for Europe but also for the rest of the world, he added.
The EDIC initiative is a great step forward.
Europe needs a secure, open infrastructure to spearhead the digital transformation of our economy and society.
We are proud to contribute to this vision and create value for Europe and the World #IOTA https://t.co/0xx8cJecPL
— Dominik Schiener (@DomSchiener) June 29, 2023
Earlier this year in January 2023, IOTA became part of the EBSI initiative. by the European Union. This initiative allows the flow of verified information between enterprises, institutions, and individuals throughout the European Economic Area.
The objective of EBSI is to create a decentralized network using distributed ledger technology that connects countries within the European community. This network aims to facilitate seamless cross-border services for governments, businesses, and individuals.
The goals of EBSI encompass improving cross-border mobility, minimizing resource wastage, ensuring compliance with EU regulations, fostering the development of tech hubs and projects, and enhancing trust in digital services. By leveraging EBSI, verified information can be swiftly and reliably shared across Europe. IOTA has been one of the three finalists in EBSI, and Schiener said that they are confident in building the technology stack for the EDIC initiative.
The EDIC initiative is what’s new, as it shows an increased commitment by the EU in Blockchain and EBSI.
It will take until the end of the year to complete this current phase. We are working according to EU government timelines, not crypto timelines 😂
— Dominik Schiener (@DomSchiener) June 29, 2023
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