The European Commission has decided to work with the IOTA Foundation on a blockchain project known as PCP for short.
According to today’s announcement European Blockchain Pre-Commercial Procurement (PCP) IOTA Foundation will also take part in the next leg of the initiative.
The purpose of the PCP project is to introduce new blockchain technologies, European Blockchain Services Infrastructure (EBSI) to see if it can improve its capacity.
Founded in 2019 by the European Blockchain Partnership, EBSI aims to establish a distributed ledger network that will enable governments, businesses and individuals in different countries to easily transact with each other.
Using their Tangle-based systems, the IOTA Foundation has successfully passed the first phase of the project and now to move on to the second stage announced that they were eligible. The team aims to complete the tests of IOTA Stardust at this stage.
Dominik Schiener, founder of the IOTA Foundation, “We are very passionate about bringing distributed ledger technology to the European market.” Meanwhile, IOTA (MIOTA) has gained more than 5% in the last 24 hours.