Blockchain firm IOTA has been selected to participate in the European Blockchain Sandbox.
According to a blog post, IOTA will be participating in the Sandbox with its Web3 identification product. IOTA says the solution tokenizes all kinds of identification processes, enabling identity verification in Web3 environments while users can maintain control over their personal information.
The European Blockchain Sanbox was launched in 2023 as part of a push by the European Union to advance distributed ledger technology (DLT).
Like other Fintech sandboxes, the environment provides a controlled ecosystem for testing and validating DLT solutions while engaging with EU regulators.
IOTA describes selection for the Sanbox as a significant milestone for their products, stating it may open up the door for a regulated KYC/identity product.
IOTA is partnering with IDNow, walt.id, HAVN, and Bloom, on the identity solution.
The IOTA Foundation is based in Berlin. The blockchain provider is looking to disrupt and improve various sectors of industry.
Digital Identity Solutions can validate transactions and ownership while verifying information like address, age, and more.
