IOTA Foundation Joins EU Innovation Action Project ENSURESEC

The IOTA Foundation joins a collaborative innovation Action project by the European Commission called ENSURESEC which is focused on promoting the fair growth of all small businesses across the EU market with an increased level of security. Let’s find out more about this amazing partnership in the IOTA news today.

The IOTA foundation joins ENSURESEC as the only distributed ledger tech provider which will work together with different partners including Research organizations and Universities that maintain the e-Commerce infrastructure as well as banks that offer required payments network. From a technical point of view, ENSURESEC will create a platform of security tools for the entire e-commerce ecosystem. According to Michele Nati, a Ph.D. Tech analyst at the IOTA Foundation:

“IOTA Foundation will leverage a public budget of 450K EUR to provide the technology (the IOTA Tangle) and the expertise to build such an immutable decentralized audit trail infrastructure.”

IOTA joins ENSURESEC to strengthen the security of #ecommerce and its delivery service ecosystem. #IOTA will be the #DLT to build a secure and immutable decentralized e-commerce infrastructure. https://t.co/joFdcXketw

— IOTA (@iota) June 18, 2020

It is expected that the European Commission ENSURESEC technology will be created and tested in a way of different real-world e-commerce scenarios. IOTA resumes operations after 2 months of downtime and also the foundation entered into a partnership with the manufacturing company Avery Dennison to implement a blockchain tech for supply chains. As per the recent reports, a new IOTA project Deposy is one of the most promising ones in the coin’s roadmap. The developers behind this project work at BIOTA and have developed a deposit system that is meant to create an incentive to separate waste. In that manner, an additional deposit is charged whenever a product is purchased that has a special QR code.

The IOTA Tangle Multiverse public test network as a new consensus model is almost ready, after the IOTA 2.0 concept which could make the Tangle more secure. The developer at the IOTA foundation Hans Moog announced on twitter that he and the GoShimmer team implemented a new, revolutionary step for IOTA 2.0. According to Moog, the potential idea for the new upgrade, the new “Parallel Reality-Based Ledger State” test network was implemented. The consensus concept used in it is completely new and was based on the idea that was first presented in 2019.

Dan Simerman, the head of Financial Relations at the IOTA Foundation, believes that the Distributed Ledger Technology that IOTA uses is superior to other blockchains in the enterprise sector.