The European Union supports the blockchain initiative for sustainable solutions
The European Union has confirmed the continuation of its cooperation with Chromaway to develop sustainable solutions based on blockchain.
This decision was announced on July 12 when Chromaway presented its decentralized applications for Digital Product Passports (DPP) and Intellectual Property (IP) rights at the EU Pre-Commercial Procurement (PCP) Final Review Meeting.
Related blockchain technology
At the review meeting in Brussels, Chromaway highlighted the development of a foundational technology known as relational blockchain that improves efficiency by improving the organization and complexity of onchain data.
Relational blockchain technology combines the flexibility of relational databases with the decentralized security of blockchain.
It can be used to power enterprise solutions, but it also supports Chromia, a public layer-1 platform designed for decentralized applications that will launch on July 16.
Perelman, the co-founder of Chromia, told Cointelegraph that they are “eager” to develop innovative solutions for institutional applications with the European Union.
“By fostering collaboration between governments, regulators, institutions and blockchain developers, we can unlock the full potential of Web3 technology and foster widespread adoption.”
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EU blockchain adoption
The EU's overall positive assessment of Chromaway's contributions underscores the potential of connected blockchain technology to create significant impacts in the public and private sectors.
It also aligns with a broader strategy to promote sustainability and efficiency by integrating new blockchain solutions into various sectors. The European Union has been expressing its commitment to promoting technological developments that can bring economic and environmental benefits across Europe.
In July 2024, representatives of RBN Eco and Chromaway will interview with the European Blockchain Association to assess compatibility with the upcoming EU initiative.
The team will also participate in a series of workshops in Brussels this September to outline next steps for Q4 2024 and into 2025.
The European Commission has opted for a Web3 ID blockchain sandbox in June 2024, in collaboration with other blockchain solutions such as Iota.
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