The European Union confirms the continuation of its collaboration with ChromaWay. This aims to develop sustainable blockchain solutions. Indeed, this decision was published on July 12 following ChromaWay’s presentation at the EU’s final pre-purchase review conference.
During the review, ChromaWay demonstrated progress in the development of decentralized applications. These applications pertain to digital product passports and intellectual property rights.
A Relational Blockchain Technology
ChromaWay’s presentation in Brussels highlighted the development of relational blockchain technology. This innovative approach aims to improve the structure and complexity of on-chain data, thereby boosting efficiency. Combining the distributed security of blockchain with the flexibility of relational databases, relational blockchain technology offers major advantages for enterprise solutions.
Furthermore, it also supports Chromia, a Layer 1 public platform for decentralized applications, which is set to launch on July 16.
Or Perelman, co-founder of Chromia, expressed his delight in the continuation of European cooperation. He mentioned the potential for institutional use of blockchain and stressed the need for collaboration among governments, authorities, institutions, and blockchain entrepreneurs.
Indeed, the common goal is to fully leverage the potential of Web3 technology.
Strategic Vision of the EU
The EU’s positive assessment of ChromaWay’s contribution highlights the potential of relational blockchain technology to significantly influence both public and private sectors.
This project also supports sustainability and efficiency by aligning innovative blockchain-based ideas with the EU’s broader strategy of integrating them into various industries.
In July 2024, representatives from RBN Eco and ChromaWay will be interviewed by the European Blockchain Association to assess their compatibility with the EU’s future initiatives. Moreover, the team will participate in a follow-up workshop in Brussels next September to outline the next steps for the fourth quarter of 2024 and 2025.
The EU has also partnered with other blockchain solutions, such as Iota. It was chosen by the European Commission for its Web3 identifier as part of the blockchain sandbox in June 2024.
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