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IOTA one of most important blockchain companies in the world

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  • The EU Blockchain Observatory and Forum (EUBOF) praised IOTA for offering huge scalability with its DAG ledger structure.
  • EUBOF also explained how Energinet, Denmark’s national energy company, is harnessing the power of the IOTA network.

The European Union has been working very effectively on several blockchain initiatives. In a recent development, the EU Blockchain Observatory and Forum (EUBOF) produced a detailed report on the state of the European blockchain ecosystem.

The report explains how each member state of the European Union has contributed to addressing the blockchain and crypto revolution. The good news is that the IOTA Foundation was named one of the Top 10 Blockchain Companies to Watch by his EUBOF.

As you know, IOTA is an open source protocol that facilitates the transfer of data and value between humans and devices. The IOTA cryptocurrency is specifically designed to serve real-world industry applications such as the Internet of Things (IoT). It uses a special distributed ledger technology called Directed Acyclic Graph (DAG) to store transactions on the ledger.

As a result, IOTA can achieve greater scalability compared to other blockchain networks. In its report, EUBOF explains how Danish state-owned energy company Energinet is harnessing the power of his IOTA blockchain.this add:

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Danish state-owned energy company Energinet explored how to use the Iota Tangle to develop IoT-based products and services. The two entities have been collaborating on a data marketplace initiative since late 2017.

Increasing adoption of the IOTA system in the EU

The European Union is doing all it can to embed blockchain-based innovations into the continent’s financial landscape. In addition, we are investigating the use cases of blockchain in major digital initiatives across the EU.

As report, the EU is working on a digital identity wallet and testing instant cross-border transactions between member states. The EU’s Digital ID project seeks to complement the broader EU plan to introduce seamless payments and transfers between Member States. It complements the plans of the European Payments Initiative (EPI) and the Digital Euro.

IOTA’s digital identity could play an important role in this regard. It helps unify under a single protocol that provides seamless interaction across all forms of identity. IOTA Digital ID is built “data protection and privacy by design” and complies with privacy and data management laws around the world, including the European General Data Protection Regulation (GDPR).

On the other hand, the European Union work Advancing digital twin use cases provided by the IOTA Foundation. It helps build intelligent circular lifecycles for industrial robots, outdoor power products, and electric vehicles.

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