The European Union has confirmed its collaboration with ChromaWay to develop blockchain-based sustainability solutions, focusing on Digital Product Passports and Intellectual Property Rights.
The EU announced on July 12 that it would continue its partnership with ChromaWay following a successful presentation at the EU Pre-Commercial Procurement (PCP) final review meeting. This presentation showcased the latest advancements in decentralized applications for Digital Product Passports (DPP) and intellectual property (IP) rights.
Relational Blockchain Technology
At the review meeting in Brussels, ChromaWay introduced its cutting-edge relational blockchain technology. This innovative approach enhances efficiency by improving the organization and complexity of on-chain data, combining the flexibility of relational databases with the decentralized security of blockchain.
This technology is designed not only to power enterprise solutions but also to support Chromia, a public layer-1 platform for decentralized applications, which is set to launch its mainnet on July 16.
Or Perelman, the co-founder of Chromia, expressed enthusiasm about the collaboration, saying, “We are eager to develop innovative solutions for institutional applications alongside the EU. By fostering collaboration among governments, regulators, institutions, and blockchain innovators, we can unlock the full potential of Web3 technology and drive widespread adoption.”
Summary Review: The European Union’s continued collaboration with ChromaWay marks a significant step towards developing blockchain-based sustainability solutions. By leveraging relational blockchain technology, this initiative aims to improve efficiency and security in managing Digital Product Passports and Intellectual Property Rights. The partnership highlights the EU’s commitment to fostering innovation and collaboration among various stakeholders to unlock the full potential of Web3 technology and drive its widespread adoption.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision
