All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- INATBA has released a comprehensive report on EU consortia and global trends in industrial blockchain, highlighting both public consortia like Europe’s EBSI/Europeum and private consortia across various sectors.
- IOTA’s involvement in initiatives like the EBSI finalists and blockchain-backed Digital Product Passports underscores its significant contributions to improving transparency and efficiency.
The International Association for Trusted Blockchain Applications (INATBA) has recently published a detailed report analyzing EU consortia and global trends in the industrial blockchain. The report covers both public consortia like Europe’s EBSI/Europeum and private consortia across various industry sectors.
Sectors such as mobility, energy, etc. have seen a significant rise in blockchain adoption. However, the surprising thing is that the Distributed Ledger Technology (DLT) has not been able to penetrate key industries such as supply chains or digital product passports. However, some players like IOTA have made major progress in this, per the CNF report.
One notable observation from the report is the higher number of European consortia compared to those in the United States. This raises questions about the geographic focus of innovation. Consortia, known for their complexity and mixed success rates, have often struggled, particularly in the blockchain space. Startups may find greater success by operating as vendors or by developing solutions that enhance interoperability within existing industry frameworks.
However, it is worth noting that some of the largest financial institutions, such as Visa, Mastercard, and Swift, began as consortia, highlighting the potential for success despite the challenges.
INATBA – Not All Consortia Are Adopting Blockchain
The INATBA paper shows that not all consortia are currently adopting blockchain technology. Most, who expressed interest in the technology or the consortium members include blockchain startups.
INATBA has advised Manufacturing-X, a consortium in its early stages, to consider incorporating blockchain and self-sovereign identity (SSI). Similarly, CIRPASS, a digital product passport consortium, does not currently utilize blockchain as its core technology, although one of its case studies does involve distributed ledger technology (DLT).
The INATBA report offers a comprehensive overview of various public and private consortial projects that utilize, propose, or standardize blockchain technology across multiple sectors. IOTA’s participation in initiatives such as the EBSI finalists and blockchain-backed Digital Product Passports highlights its substantial contributions to enhancing transparency and efficiency.
IOTA plays a crucial role as a service provider within the European Blockchain Services Infrastructure, offering innovative solutions like ‘Track & Trace’ for traceability and ‘Verifiable Credentials’ for authentication.
Additionally, IOTA has been involved in notable projects such as blockchain-backed Digital Product Passports, according to a recent CNF report.
Furthermore, the IOTA-based Trade Logistics Information Pipeline (TLIP) is revolutionizing post-Brexit trade between the EU and the UK by facilitating real-time data sharing among trading partners and lowering administrative costs, according to a recent CNF update.
