This decision was announced on July 12 in the wake of ChromaWay’s presentation at the EU Pre-Commercial Procurement (PCP) final review meeting, which showcased advancements in decentralized applications for Digital Product Passports (DPP) and intellectual property (IP) rights.

Relational blockchain technology

During the review meeting in Brussels, ChromaWay highlighted the development of its underpinning technology, known as relational blockchain, which enhances efficiency by improving the organization and complexity of onchain data.

Relational blockchain technology blends the flexibility of relational databases with the decentralized security of blockchain.

It could be used to power enterprise solutions but also underpins Chromia, a public layer-1 platform designed for decentralized applications that is set to launch its mainnet on July 16.

Or Perelman, the co-founder of Chromia, told Cointelegraph that the platform is “eager” to develop innovative solutions for institutional applications alongside the EU:

“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 overall positive assessment of ChromaWay’s contributions underscores the potential of relational blockchain technology to create significant impacts in both the public and private sectors.

It also aligns with its 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.

Source:- COINTELEGRAPH