- IOTA continues its partnership with the EU PCP program, where its digital product passports and IOTA Streams are utilized to offer residents better services.
- Through its development foundation, which it launched this year in Abu Dhabi, IOTA is targeting the Middle East and Africa regions with new products customized to solve their challenges.
While most crypto projects dwell on price movements and creating hype to boost their tokens, IOTA has been busy building products that will change the future. The network is home to several applications that span critical sectors like public governance, real-world asset tokenization, global trade and more.
The $IOTA ecosystem is one thats often forgotten by many in the DLT space.
While they stay rather quiet, when they do make noise, it’s usually quite substantial news coming out.
Recently IOTA has showcased their advancements around government, RWA & even global trade.
Here’s… pic.twitter.com/4CPK2gzjTv
— Web3Alert (@theweb3alert) March 27, 2024
One of the areas IOTA has thrived most is in partnering with governments. As Crypto News Flash has previously reported, it has worked with regional entities like the EU and national governments, including Taiwan, the Maldives, and Germany.
With the EU, IOTA is working on various projects utilizing its innovative DLT approach through the Tangle DAG to digitalize operations. One is the EU Pre-Commercial Procurement (PCP) program, which the two have been working on since 2020. PCP allows European governments to compare alternative goods and services, filtering out the best solution for their needs.
IOTA was one of the few companies in the initial pilot selected to proceed to the final phase. It offers solutions such as digital IDs and supply chain management solutions for the participants.
IOTA’s Digital Product Passports come into play on the identity front, with the EU leveraging the solution to build its digital identity solution. The pilot also leveraged IOTA Streams to track and transfer intellectual property in the creative industry.
IOTA Streams is a solution being developed to target cryptographic messaging protocols. It comes with built-in protocols that participants can use to send authenticated messages between two or more parties, all powered by Tangle.
IOTA Targets Middle East, Africa
Beyond Europe, IOTA is targeting the Middle East and Africa. Partnering with the Abu Dhabi Global Market to set up the IOTA Foundation in the city was a critical first move, giving it the presence it needs in the region to target the UAE and other Middle Eastern countries.
The Abu Dhabi-based entity has allocated $10 million to promoting the tokenization of real-world assets, a sector in which IOTA has taken the lead. Tokenization is a crucial market, with some experts estimating that it will be worth $16 trillion by the end of this decade.
In Africa, IOTA’s partnership with the World Economic Forum is focused on promoting fair, transparent trade through its longstanding partnership with Trademark Africa. The nonprofit organization is backed by some of the world’s largest economies, from France and Canada to the UK and the US. The Bill and Melinda Gates Foundation also supports the organization, making the partnership a prime stage to showcase IOTA’s capabilities to vital global decision-makers.
