- Launch of IOTA Foundation in Abu Dhabi marks a strategic move towards accelerating tokenization in the UAE and Africa.
- Partnership with Trademark Africa and the creation of TLIP aim to enhance efficiency in cross-border trade operations.
The IOTA ecosystem, often overlooked in the Distributed Ledger Technology (DLT) domain, has recently made headlines with its notable advancements in government partnerships, real-world assets (RWA), and global trade initiatives. Despite its tendency to operate quietly, when IOTA does announce updates, they are typically of considerable importance, demonstrating the contributions to the DLT space.
One of IOTA’s distinguishing endeavors is its involvement in European Union-backed DLT pilots, a collaboration that dates back to 2020. IOTA has successfully advanced to the final phase of the EU Pre-Commercial Procurement (PCP) program, aimed at researching and testing DLT networks for economic and commercial applications.
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IOTA stands out as one of the few entities to reach the final Phase 2B of the EU PCP program, having passed the initial phases and been vetted by the EU as a viable solution for use in various sectors, including digital IDs, environmental, social, and governance (ESG) initiatives, supply chains, and more.
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Two specific IOTA services have played crucial roles in this partnership
IOTA Identity was used to create Digital Product Passports under the CIRPASS initiative, which aims to develop digital IDs for electronics, batteries, and textiles. Additionally, IOTA Streams has been utilized for tracking intellectual property (IP) rights in the creative industry, enhancing the legal management of IP rights.
For the final testing phase with the European Blockchain Services Infrastructure (EBSI), IOTA will conduct field testing of the IOTA Stardust solution, focusing on smart contracts and tokenization. However, the EU is not the only governmental body IOTA is collaborating with.
In late Q4 2023, the IOTA Foundation was launched with approval from the Abu Dhabi Global Markets (ADGM), marking a significant step towards accelerating tokenization initiatives to benefit the UAE and African regions. The Foundation’s first major initiative involved allocating over $10 million to tokenization projects on IOTA.
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
Read more: IOTA 2.0: Empowering Tomorrow with Feeless Transactions and Vibrant Community
The partnership with Trademark Africa (TMA) under the World Economic Forum and the launch of the Trade Logistics Information Pipeline (TLIP) highlight IOTA’s expanding influence in improving trade efficiency and reducing transaction costs in cross-border trade operations.
Built atop IOTA’s scalable and feeless network, TLIP aims to leverage the distributed network capabilities for enhanced transparency in trade logistics.
IOTA’s recent developments and partnerships indicate a towards utilizing its scalable, feeless network for broader industry use, transcending its traditional focus on big data and machine-to-machine (M2M) communications.
IOTA (IOTA-USD) is currently trading at $0.354936, with a positive movement of $0.008162, translating to an increase of about 2.35%.
Over the last 52 weeks, IOTA has fluctuated between $0.138017 and $0.419545, showcasing the volatile nature typical of the cryptocurrency market.
