IOTA Smart City Project Gets €20 Million In EU Funding To Support Smart Ecosystem Development
IOTA becomes involved in a highly promising project these days. The +CityxChange consortium includes the IOTA foundation and 24 more enterprises and organizations, and it just won a bid to lead a bid new smart city lighthouse project under an EU research and innovation program.
€30 million worth of backing has been committed for the project, and the most of it comes from the EU for seven EU cities to explore smart, positive energy innovations.
The group will be lead by the Norwegian University of Science and Technology (NTNU), and it competed against 11 other proposals.
Blockchain technology can improve the quality of life in Europe
Over the next five years, the European cities of Trondheim, Limerick, Alba Iulia, Pisek, Sestao, Smolyan, and Voru will be using digital services, including blockchain and peer-to-peer technology in order to enhance the quality of life and generate more energy than they consume.
More cities in Europe will share their experiences for more smart city development.
The European Research and Innovation program Horizon 2020 will fund the project with €20 million, and some of the project’s partners will add €10 million more.
The energy solutions proposed will include local governments and residents “involving the entire district energy value chain, extending to high-level policymakers and cities, universities, large enterprises, distributed network operators, SMEs, and not for profit organizations.”
The project is aligned with IOTA’s technology
Wilfried Pimenta, Head of Business Development at the IOTA Foundation said that the project is 100% aligned with IOTA.
She also stated that “Smart cities is one of the fastest growing cross-sectorial arenas of innovation for IOTA. Building on our work and partnerships across mobility, energy or data marketplace, these smart city ecosystems bring it all together.”
+CityxChange’s primary target is to support all the cities involved in this project to achieve their goal involving sustainability with zero emission and 100% renewable energy by 2050.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.