IOTA

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    <h4 class="relative p-1 rounded-sm flex items-center justify-center bg-token-main-surface-primary text-token-text-primary h-8 w-8"><strong>On June 13th, the EU announced the second cohort of its EBSI program.</strong></h4> 
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      <p><a href="https://www.iota.org/" target="_blank" rel="noopener">IOTA</a>, an open-source ledger and cryptocurrency, will showcase its Web3 ID solution.</p> 
      <h5><strong>Iota’s Web3 ID Solution to Revolutionize KYC in EU Blockchain Sandbox</strong></h5> 
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<p>Iota’s Web3 ID solution, developed in collaboration with Walt.id, IDnow, Bloom Wallet, and HAVN. It is set to address the longstanding challenges associated with KYC processes. Traditional <a href="https://www.altcoinbuzz.io/?s=KYC" target="_blank" rel="noopener">KYC methods</a> are often plagued by inefficiencies, high costs, and privacy concerns.</p> 
<p>So, IOTA aims to overhaul this system by leveraging the power of DLT and tokenization to create a reusable KYC framework. This approach enhances security and user control, marking a significant advancement in digital identification.</p> 
<p><img decoding="async" class="wp-image-143008 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/cvdvfdbht-300x277.jpg" alt="" width="478" height="441" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/cvdvfdbht-300x277.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/cvdvfdbht.jpg 396w" sizes="(max-width: 478px) 100vw, 478px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/iota/status/1801200807880138997" target="_blank" rel="noopener">X</a></strong></h6> 
<h5><strong>More About IOTA</strong></h5> 
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      <p>The <a href="https://ec.europa.eu/digital-building-blocks/sites/display/EBSISANDCOLLAB/European+Blockchain+Sandbox+announces+the+selected+projects+for+the+second+cohort" target="_blank" rel="noopener">European Blockchain Sandbox initiative</a> was launched by the European Commission in 2023. It provides a controlled environment for testing and validating DLT solutions across various industries. Each cohort includes up to 20 projects, allowing direct engagement with EU regulators. This interaction is crucial for refining solutions and ensuring they meet regulatory standards.</p> 
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<p>Also, the <a href="https://ec.europa.eu/digital-building-blocks/sites/display/EBSISANDCOLLAB/European+Blockchain+Sandbox+announces+the+selected+projects+for+the+second+cohort#EuropeanBlockchainSandboxannouncestheselectedprojectsforthesecondcohort-IOTAStiftung" target="_blank" rel="noopener">inclusion of Iota</a> in the EBSI highlights the Commission’s recognition of the potential of its Web3 ID solution. By integrating DLT and tokenization, Iota’s system can streamline the KYC process, reducing costs and improving efficiency.</p> 
<p><img decoding="async" class="wp-image-143009 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/cvbfdggfhhgju-300x198.png" alt="" width="496" height="327" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/cvbfdggfhhgju-300x198.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/cvbfdggfhhgju.png 396w" sizes="(max-width: 496px) 100vw, 496px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/iota/status/1801200815903854597" target="_blank" rel="noopener">X</a></strong></h6> 
<p>Moreover, the reusable KYC system empowers users by giving them greater control over their data. It addresses privacy concerns that have become increasingly prevalent in the digital age.</p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/eu-picks-iotas-web3-id-for-blockchain-sandbox/">EU Picks Iota’s Web3 ID for Blockchain Sandbox</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

EU Picks Iota’s Web3 ID for Blockchain Sandbox

Altcoin Buzz

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