An emerging British start-up, iov42, which builds blockchain-inspired identification tools, has been chosen over corporate giants including EY, Vodafone and Deloitte to secure a spot as one of only seven tenderers selected to design and develop the next generation of the European Blockchain Services Infrastructure (EBSI). The flagship project from the European Commission hopes to leverage blockchain technology to improve standards of cross-border services for public administrations across the EU.
Founded in 2016, iov42 builds simple building blocks to enable users to create easy-to-use applications that can achieve high levels of regulatory compliance and security, while also allowing networks to scale efficiently and work with each other. It does this by using industry-leading ledger technology to digitally codify processes. Unlike conventional blockchain models, iov42 creates a chain of transactional proofs for every identity and asset combination that is made. This helps to improve the security and traceability of transactions for governments, public bodies and enterprises.
In a first for the continent, the European Blockchain Partnership is upgrading existing infrastructure to create blockchain-based services for public administrations – benefiting citizens, society and the economy. This will be done through the delivery of key use cases, which will be digital product passports for the circular economy and digital IP rights. When completed, the EBSI will allow public administrations to protect against fraud, help businesses alleviate administrative costs, and enable citizens to take full control of their personal data, with iov42’s innovative technology being used in full to drive forward these ambitions. Upon completion, EBSI aspires to be facilitating up to 15 billion transactions per minute, a world first for blockchain technology.
The mission to elevate the European Blockchain Services Infrastructure has been split into three phases, with the initial three month phase focusing on how the infrastructure can best take shape. iov42 will be the only UK-based start-up to be involved, and will take a leading role within the series of research and development projects included in phase one.
Commenting on being the only UK company invited to contribute to the pan-European project, iov42 CEO Dominic von Trotha Taylor comments: “We are delighted to have been selected by the European Commission to work on EBSI, which is made even more special for us as the only UK-based start-up to have been chosen. It is hugely validating to have an organisation such as the Commission endorsing our platform’s capabilities – capabilities (and approach) which we feel represents a refreshing departure from traditional DLT and which was designed with governments, enterprises and regulation front and centre.”
The next generation EBSI will be built as a ‘public permissioned’ blockchain, and will be managed by the European Commission and member states. The infrastructure will be built with European values of privacy, data sovereignty and green credentials in mind, whilst also tackling global issues such as climate change and supply chain corruption. As the infrastructure is built from concept to completion over the next five years, the European Blockchain Partnership aims to scale-up the investment fund to a fully developed investment platform with funding of €1-2 billion.
As the biggest win yet for the start-up, iov42’s involvement in the development of blockchain infrastructure across Europe will allow for further internal company expansion.
iov42 helps organisations that rely entirely on their users’ trust, but whose processes or products aren’t as robust as they could be. iov42’s trust-building technology enforces the organisation’s rules and requirements in a way that provides verification so that their users can have peace of mind when dealing with each other. It’s all done through an identity-centric platform inspired by blockchain, but with pioneering technology that makes it simpler, faster, and more secure. iov42’s ultimate aim is simple: to help create a digital society built of interconnected groups that can fully trust one another. See more at www.iov42.com
In June 2021, iov42 and Preferred by Nature announced the launch of Timber Chain, a new service that will enable stakeholders across timber supply chains to improve efficiency, transparency and security through a secure blockchain application, storing all information in one place. By combining blockchain technology, third-party certification, and market knowledge, the Timber Chain modernises traceability; introducing real-time digital data recording, replacing traditional, paper-based processes which are labour intensive and often prone to human error.
It was also announced in June 2021 that iov42 will be trialling a new Proof of Concept (PoC) with Credenxia, a leading edge workforce verification partner. The successful PoC will aim to build upon Credenxia’s expertise in workforce management with a standalone system that offers Credenxia’s users an option of decentralised identities, following the latest standards from the World Wide Web Consortium (W3C).
What is EBSI?:
Since 2018, 29 countries (All EU Member States, Norway and Liechtenstein) and the European Commission have joined forces to form the European Blockchain Partnership (EBP). They have committed to working together towards realising the potential of blockchain-based services for the benefit of citizens, society and the economy.
The Partnership is upgrading the European Blockchain Services Infrastructure (EBSI) to improve performance, security and energy efficiency. Their vision is to leverage DLT to the creation of cross-border services for public administrations and their ecosystems to verify information and make services trustworthy.
Since 2020, EBSI is deploying a network of distributed blockchain nodes across Europe, supporting applications focused on selected use-cases. EBSI is the first EU-wide blockchain infrastructure, driven by the public sector, in full respect of European values and regulations.
How did EBSI select the tenderers invited to contribute?
Throughout the selection process, each applicant was assessed on their technology’s scalability, security, sustainability, such as energy efficiency for example, and interoperability.
For details of the EBSI Contract Award announcement, and list of tenderers involved, please visit: https://ted.europa.eu
For all media enquiries, please contact iov42’s UK PR team Crest Communications: Chrys Salter, [email protected]crestcomms.com, +447563 135 610