IOTA is now a member of the Ensuresec consortium. The consortium is focused on the security of e-commerce infrastructure within European markets. The main reason for initiating this consortium was to provide the needed infrastructure for all local businesses to benefit from e-commerce potentials during the COVID-19 pandemic.
European Commission awarded Ensuresec to develop secure infrastructure for e-commerce uses. It is a collaborative Innovation Action project that consists of 22 different partners, including the IOTA Foundation. The plan that won the funding from the EU Commission started working earlier this month and will raise the needed fund in the coming months to grow the products and services. Its main target is End-to-end Security of the Digital Single Market’s E-commerce and Delivery Service Ecosystem.
IOTA Foundation is the only member of Ensuresec that provides DLT to the goal product. It will collaborate with other members, including universities and research centers, small and medium businesses focused on cybersecurity technologies, and large corporations like banks that offer the required payment network. Their partnership includes system integrations, too. There will be other partners in this project, like Walmart, that act as advisory board members.
“The IOTA Foundation is very proud to be part of the ENSURESEC project and consortium, and excited to be able to learn from these real-world technology deployments and to derive lessons learned on how to deploy a secure DLT infrastructure, with proper security governance across multiple stakeholders, and best practices for endpoints security of the different integrated systems,” according to IOTA announcement.
Audit trail infrastructure is the primary purpose of the IOTA partnership in the Ensuresec project. It will leverage 450K EUR to develop and offer the IOTA Tangle technology as an underlying part of the product. IOTA Identities is another contribution from IOTA Foundation that will be used as the information authenticity.
IOTA Tangle has a permissionless nature that makes it secure against regular cyber-attacks. It has a Proof-of-Work spam protection feature that makes Denial of Service attacks difficult for cybercriminals.
“Off-tangle components connecting to the IOTA Tangle for the search of data and their verification will also be developed,” according to IOTA.
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