IOTA continues to collaborate with the EU PCP program, using its digital product passports and IOTA Streams to provide improved services to residents. In an effort to address the challenges specific to the Middle East and Africa regions, IOTA has launched its development foundation in Abu Dhabi, introducing new products tailored to these areas.
Unlike many other cryptocurrency projects that focus on price fluctuations and generating hype for their tokens, IOTA has been dedicated to developing products that will shape the future. The IOTA network is home to a variety of applications that span across critical sectors, including public governance, real-world asset tokenization, and global trade.
Despite being overlooked by many in the DLT space, the IOTA ecosystem has made significant strides. When it does make noise, it’s often accompanied by substantial news. Recently, IOTA has showcased its advancements in government, real-world assets, and global trade.
IOTA has excelled in partnering with governments, collaborating with entities such as the EU and national governments in Taiwan, the Maldives, and Germany. Through the EU Pre-Commercial Procurement program, IOTA and the EU have been working together since 2020 to digitalize operations using their innovative DLT approach through the Tangle DAG. The program allows European governments to compare alternative goods and services, ultimately selecting the best solution for their needs. IOTA was one of the few companies chosen to proceed to the final phase of the initial pilot, providing digital IDs and supply chain management solutions.
In terms of digital identity, IOTA’s Digital Product Passports play a crucial role, as the EU utilizes this solution to build its digital identity system. Additionally, IOTA Streams is utilized in the pilot to track and transfer intellectual property within the creative industry. IOTA Streams is a solution designed to target cryptographic messaging protocols, offering built-in protocols for authenticated messaging powered by Tangle.
Expanding beyond Europe, IOTA is now focusing on the Middle East and Africa. By partnering with the Abu Dhabi Global Market and establishing the IOTA Foundation in the city, IOTA has gained a significant presence in the region, enabling it to target the UAE and other Middle Eastern countries. The Abu Dhabi-based entity has allocated $10 million to promote the tokenization of real-world assets, an area where IOTA has taken the lead. Experts predict that the tokenization market will be worth $16 trillion by the end of the decade, making it a crucial sector to invest in.
In Africa, IOTA’s partnership with the World Economic Forum centers around promoting fair and transparent trade through its collaboration with Trademark Africa. This nonprofit organization is supported by major economies such as France, Canada, the UK, and the US, with the backing of the Bill and Melinda Gates Foundation as well. This partnership provides an excellent platform for IOTA to showcase its capabilities to influential global decision-makers.
For more information about IOTA, you may consider checking out our recommended guides on buying IOTA, IOTA wallet tutorials, and the latest 24-hour MIOTA price.