EU Confirms Collaboration with ChromaWay for Blockchain-Based Sustainability Solutions
The European Union has confirmed the continuation of its collaboration with ChromaWay to develop blockchain-based sustainability solutions. This announcement came on July 12, following ChromaWay’s presentation at the EU Pre-Commercial Procurement (PCP) final review meeting, where advancements in decentralized applications for Digital Product Passports (DPP) and intellectual property (IP) rights were showcased.
Relational Blockchain Technology
During the review meeting in Brussels, ChromaWay highlighted the development of its underpinning technology, known as relational blockchain. This technology enhances efficiency by improving the organization and complexity of on-chain data, blending the flexibility of relational databases with the decentralized security of blockchain.
Relational blockchain technology could be used to power enterprise solutions and also underpins Chromia, a public layer-1 platform designed for decentralized applications, which is set to launch its mainnet on July 16.
Or Perelman, the co-founder of Chromia, expressed enthusiasm for developing innovative solutions for institutional applications alongside the EU. He told Cointelegraph, “By fostering collaboration among governments, regulators, institutions, and blockchain innovators, we can unlock the full potential of Web3 technology and drive widespread adoption.”
EU Blockchain Adoption
The EU’s positive assessment of ChromaWay’s contributions underscores the potential of relational blockchain technology to create significant impacts in both the public and private sectors. This aligns with the EU’s broader strategy to integrate innovative blockchain solutions into various sectors, promoting sustainability and efficiency. The EU has been vocal about its commitment to fostering technological advancements that can drive economic and environmental benefits across Europe.
In July 2024, representatives from RBN Eco and ChromaWay will undergo an interview with the European Blockchain Association to assess compatibility with upcoming EU initiatives. Furthermore, the team will participate in a follow-up workshop in Brussels this September to outline the next steps for Q4 2024 and into 2025.
The EU has also partnered with other blockchain solutions, such as Iota, which the European Commission chose for its Web3 ID for blockchain sandbox in June 2024.
Featured image from: cointelegraph.com