This exciting development in the fintech world raises a number of intriguing questions for the future of the IOTA Foundation project as well as the european partnership and its goals: how is IOTA integrating renewable energy projects and why? What is the CityxChange project about and how is an IOTA partnership a win-win? How does it fit in with the changes that the European Commission are planning by 2050?
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IOTA Foundation receives EU support to help them go green
The IOTA Foundation has passed another milestone. This is because IOTA was recognized as a “key innovator” in the CityxChange project for the integration of its Distributed Ledger technology (DLT) into the energy trading marketplace. CityxChange is an USD 80 billion program of the European Commission to fund research in the fields of transport and energy. Furthermore, CityxChange is only one part of the overall “Horizon 2020” project, which focuses on energy-positive cities.
The European Commission began study on IOTA’s CityxChange proposal back in 2018. The “Horizon 2020” under which it has been accepted is a project designed to help the European Union remain at the forefront of international scientific progress. After all, the shift to renewable energies is one of the most important issues for the future of EU society.
Today IOTA is closely connected to the project both formally as a ‘key innovator’, and directly on twelve of the different tasks the project aims to accomplish. Notably in the transportation and energy use sector, where the streamlined communication could eliminate environmentally costly inefficiencies. The goals it aims to help them accomplish are not just environment however and economic benefits are expected to abound as reducing inefficiencies inevitably cuts costs for all.
How is IOTA helping the EU to make scientific progress?
CityxChange is about the creation of a common energy market with the aim of supplying cities based on renewable energy. Local authorities, industry and civil society will work closely together. The European Commission’s Innovation Platform provides information:
“Trondheim, Limerick, Alba Iulia, Pisek, Sestao, Smolyan and Voru and their industry and research partners are joining forces to shape the future we want to live in. As aspiring beacon or successor cities, they have detailed their ambitions in the CityxChange proposal, which describes a structured approach to the development and deployment of positive energy blocks and districts and their scaling as part of the transition to clean energy.”
Some highlights of IOTA’s work on the project include the use of their pioneering ledger technology for eMobility and optimization as well as grid connectivity for energy use and sharing. We look forward to seeing what innovations they will bring by the end of the year as Covid increases the pressure on the economy and innovators in all fields. But also drives governments and companies alike to consider the financial and technology sector’s elegant solutions, as shown by the confidence the EU has placed in IOTA in their long term plan.
Europe-wide use is expected by the year 2050
The aim of the overall project is to create a peer-to-peer marketplace for renewable energy trading within a city. The European Commission describes the following:
“Flexibility is put at the heart of the decentralised energy system by creating a new micro-grid operation, prosumer-driven Community System Operators and new markets for peak load balancing/RES trading to reduce the need for grid investments and cuts. Its aim is to achieve the Europe-wide introduction of positive energy districts by 2050 and to prepare the way for fully positive energy cities.”
IOTA technology is expected to play a leading role in this process. They plan for their Tangle technology to be intricately involved in supporting the automatic communication of energy positive buildings. With twelve other areas they are working in, we can expect their contributions to be key to the successful implementation of the project long term. These include standard project management activities on the development and planning of commercialisation and use of new technologies.
Tangle technology creates trust between producers and consumers by enabling transparency and integrity. These values help make efficiency a by-word not just for profitability but also sustainability and long term confidence and empowerment.
However, IOTA also strives to use its own technology profitably in other areas. For example, in a partnership with the Danish national transmission system operator Energinet. Or in their cooperation with Jaguar Land Rover.
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