European Blockchain Services Infrastructure (ESBI) has selected five contractors to develop Blockchain technology in the region
Blockchain Technology or Distributed Ledger Technology is getting a lot of popularity around the world. Many countries are putting their efforts in developing technology in their regions. For various purposes Blockchain Technology can be taken in consideration, be it security, worldwide reach and easy peer to peer networks setting. In this regard the European Union has also created infrastructure and has set up European Blockchain Services Infrastructure or EBSI. Its aim was to deliver cross border public services, which would eventually benefit citizens, society and ultimately the economy.
This project has completed its first phase and is now entering into its second phase which is phase 2A. For this, it had selected five Blockchain contractors. One of them is IOTA Foundations, which is an Internet of Things Transaction Blockchain. Announcements by EBIS of phase 2A stated that the following phase aims to develop blockchain technology with advancements in five areas.
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First is to investigate the feasibility of sharding so that it can make sure of the scalability of the IOTA network on EBSI. Another goal to ensure cross border transactions through IOTA will be abided by EBSI’s governance and regulations of European Union member countries. There is also an aim to develop a consensus system for approval so that the mechanism will be flexible and allow use cases of transactions, permissioned and permissionless. Also it will focus on preparing On-chain and Off-chain bridges inside and outside of EBSI protocols. And lastly one more aim will be to develop a new framework for digital identity of EU on EBSI that will comply with GDPR integration.
Phase 2A will be completed in six months as expected. After the results three contractors will be chosen from five contractors for the next stage. In the next stage, the European Union will test the newly developed infrastructure and application on the field-test. Previously for the first stage the same procedure was followed for selection of Contractors. There were seven contractors chosen initially, IOTA was one of them. After the completion, five contractors have been chosen for further plans and aims of Phase 2A. IOTA considered there to be no gas fees and working on very less energy Blockchain. Its consideration for the project is that’s why it is obvious.