British start-up to develop EU blockchain capabilities

The European Commission has selected a British startup to shoulder the responsibility of designing and developing the continent’s blockchain capabilities.

Iov42 is a builder of blockchain-based identification tools. The startup bested larger corporations such as EY, Vodafone, and Deloitte in the race for a spot among the seven firms given a contract by the EU. The seven awards have a collective value of €6.2m (US$7.28 million).

Based on a statement issued by the European Commission, this project is a deliberate step to look “beyond what existing blockchain solutions can offer”. It is hoped that this will spur the innovation needed to bring adequate improvement to the European Blockchain Infrastructure Services (EBIS).

Iov42’s Chief Executive Officer Dominic von Trotha Taylor said in a remark on the recent development that the firm is “delighted to have been selected by the European Commission to work on EBIS, which is made even more special for us as the only UK-based start-up to have been chosen.”

As part of plans for a pan-European blockchain system, the EBIS has each member state and the European Commission operating at least a node, that is at least one computer used to power the blockchain network.

For starters, the aim is to use Blockchain technology to advance cross-border services. During the first phase of the project, the commission will explore digital passports for products and IP rights before launching into other aspects.