Founded in 2016, iov42 builds simple building blocks to enable users to create easy-to-use applications that can achieve high levels of regulatory compliance and security, while also allowing networks to scale efficiently and work with each other.

It does this by using ledger technology to digitally codify processes. Unlike conventional blockchain models, iov42 creates a chain of transactional proofs for every identity and asset combination that is made. This helps to improve the security and traceability of transactions for governments, public bodies and enterprises. 

In a first for the continent, the European Blockchain Partnership is upgrading existing infrastructure to create  blockchain-based services for public administrations - benefiting citizens, society and the economy. This will be done through the delivery of key use cases, which will be digital product passports for the circular economy and digital IP rights.

When completed, the EBSI will allow public administrations to protect against fraud, help businesses to alleviate administrative costs, and enable citizens to take full control of their personal data, with iov42’s innovative technology being used in full to drive forward these ambitions. Upon completion, EBSI aspires to be facilitating up to 15bn transactions per minute.

The mission to elevate the European Blockchain Services Infrastructure has been split into three phases, with the initial three month phase focusing on how the infrastructure can best take shape. iov42 will be the only UK-based startup to be involved, and will take a leading role within the series of research and development projects included in phase one.

Dominic von Trotha Taylor, CEO of iov42 commented: “We are delighted to have been selected by the European Commission to work on EBSI, which is made even more special for us as the only UK-based startup to have been chosen. It is hugely validating to have an organisation such as the Commission endorsing our platform’s capabilities, capabilities (and approach) which we feel represents a refreshing departure from traditional DLT and which was designed with governments, enterprises and regulation front and centre.”

The next-gen EBSI will be built as a ‘public permissioned’ blockchain, and will be managed by the European Commission and member states. The infrastructure will be built with European values of privacy, data sovereignty and green credentials in mind, whilst also tackling global issues such as climate change and supply chain corruption. As the infrastructure is built from concept to completion over the next five years, the European Blockchain Partnership aims to scale-up the investment fund to a fully developed investment platform with funding of €1-2bn.

As the biggest win yet for the startup, iov42’s involvement in the development of blockchain infrastructure across Europe will allow for further internal company expansion.