IOTA Joins EU EBSI Finalists Chromaway and BillonGroup in Presenting Pioneering Use Cases

• Christoph F. Strnadl, Director of Technology Adoption at IOTA, highlighted outcomes from the EU Commission workshop in Brussels on NFT- and smart contract-based IPR management.
• Strnadl also underscored the collaborative spirit among EU_EBSI PCP finalists—Billon Group, Chromaway, and IOTA—at the workshop.

Christoph F. Strnadl, Director of Technology Adoption at IOTA, shared insights from the recent EU Commission workshop on NFT—and smart contract-based IPR management held in Brussels. The workshop featured presentations and discussions from the three PCP finalists: IOTA, Chromaway, Billon Group, Trace4EU, and EBSI-ELS.

Participants outlined a path forward, including plans for a larger workshop with more stakeholders to further the European Parliament initiative. Key topics that emerged were interoperability and business value.

Strnadl emphasized the importance of collaboration among the PCP finalists—Billon Group, Chromaway, and IOTA—despite their differing technologies and approaches. He noted that this cooperative stance is a refreshing alternative to the US-centric “winner takes all” mentality, often leading to centralization.

Short update on the @EU_EBSI @EU_Commission workshop on (#NFT– and #SC-based) #IPR management earlier today in #Brussels.

The three #PCP finalists, @IOTA, @chromaway, @BillonGroup, and #Trace4EU & EBSI-ELS A sucessfully presented & discussed the use cases they implement(ed).

— Christoph F. Strnadl (@archimate) June 27, 2024

IOTA’s Growing Involvement in the EU

Earlier this year, the European Union (EU) unveiled regulations for a new Digital Identity Wallet aimed at enhancing online authentication for citizens independently of commercial providers. This initiative addresses concerns over trust, security, and privacy.

IOTA, leveraging blockchain technology, has developed a digital identity solution tailored for decentralized identity management within the digital economy. Known as IOTA Identity, this platform aims to streamline identity verification across various identity types, aligning closely with the EU’s ambitious Digital IDs initiative, reported Crypto News Flash.

In addition to digital identity management, IOTA’s solution facilitates digital proof of ownership for physical products, enhancing trust and reducing transaction fraud risks. These advancements further underscore IOTA’s pivotal role in supporting the EU’s drive towards more secure and user-centric digital identities.

Web3 ID solution and Digimarc Partnership

IOTA’s blog update on June 13, 2024, proudly announces the European Commission’s selection of its Web3 Identification Solution for the European Blockchain Sandbox. Partnering with walt.id, IDnow, Bloom Wallet, HAVN, and IOTA also emphasize their pivotal role in advancing blockchain applications.

This collaboration provides a conducive environment for rigorous testing and refinement of blockchain solutions, including IOTA’s innovative KYC system. Moreover, the initiative will undergo practical assessments under real-world regulatory conditions, marking a significant step forward in blockchain technology adoption, reported Crypto News Flash.

Moreover, the network has partnered with software company Digimarc to enhance the recycling capabilities of plastics used in agriculture. This collaboration is part of the second pilot testing phase for the blockchain-backed Digital Product Passport (DPP) regulation, as adopted by the European Commission as updated by CNF.

As of press time, the IOTA price is trading at 1.5% down $0.176 with a market cap of $585 million. Long-term investors might consider buying IOTA.