The European Union has confirmed that it will continue collaborating with ChromaWay to develop blockchain-based sustainability solutions. This decision was announced on July 12, following a presentation at ChromaWay’s EU Pre-Commercial Procurement (PCP) final review meeting. The presentation showcased advances in decentralized applications for Digital Product Passports (DPP) and intellectual property (IP) rights.

At the review meeting in Brussels, ChromaWay highlighted the development of relational blockchain technology, its core technology that increases efficiency by increasing the organization and complexity of on-chain data. Relational blockchain technology blends the flexibility of relational databases with the decentralized security of blockchain. While this technology can be used to support enterprise solutions, it also supports Chromia, a public layer-1 platform designed for decentralized applications. Chromia’s mainnet will launch on July 16.

You may be interested in: European Crypto Law Enforces MiCA

Chromia co-founder Or Perelman told Cointelegraph that they are “eager” to develop innovative solutions for enterprise applications together with the EU. “By encouraging collaboration between governments, regulators, institutions and blockchain innovators, we can unlock the full potential of Web3 technology and drive widespread adoption.”

The EU’s overall positive assessment of ChromaWay’s contributions highlights the potential for relational blockchain technology to create significant impacts in both the public and private sectors. This is in line with the strategy of integrating innovative blockchain solutions across various sectors, promoting sustainability and efficiency. The EU has made clear its commitment to promoting technological advances that will deliver economic and environmental benefits.

In July 2024, representatives from RBN Eco and ChromaWay will conduct an interview with the European Blockchain Association to assess compatibility with upcoming EU initiatives. Additionally, the team will participate in a follow-up workshop in Brussels this September to determine next steps for the last quarter of 2024 and 2025.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post European Union Approves Relational Blockchain Initiative for Sustainable Solutions appeared first on Coin Engineer.