Data Sovereignty is the most important issue for blockchain movement. Data Sovereignty cause has now discovered a new partner in IOTA, a DLT initiative project that is focused mainly on the machine-to-machine transactions. The IOTA foundation will be supporting the Ledger project so as to help democratize privacy data.
Over a blog post, the IOTA Foundation revealed that IOTA will support the efforts of LEDGER to fund and will even encourage the teams that are developing the entire new decentralized platform. The European Commission (EC) is making investments in the LEDGER project, EC has even supported blockchain-based projects amounting to around 80 million euros which are approx. equal to $90 million and now will be promising an additional amount of $5.6 million so as to advance the initiatives which are dedicated to the sovereignty of data.
DLT initiative has decided that the LEDGER accelerator program will be 12 months and around 32 teams will be picked to participate in the program; the LEDGER will be receiving equity free funding of €200,000.
IOTA Foundation in the blog post wrote stating:
LEDGER is looking for enterprise ideas that respect data sovereignty and operate in alternative space to the concentration of data in a few proprietary platforms.
The EU will invest in this by accelerating 32 teams into companies with a solid human-centric values business models.
One of the main focuses of the IOTA Foundation is to strengthen its users with the rights to their own personal data, further releasing them from third parties dependency. The IOTA continues its announcement further mentioning:
The shift away from external ownership of personal data to a central human model is a focus of the Foundation.
As such, the IOTA protocol has been designed to empower individuals, alongside IoT, to engage with their surroundings in a decentralized manner.
LEDGER is the part of the Next Generation Internet Initiative of European Commission and is in accordance with the European Blockchain Partnership. Projects who wish to participate in the initiative can do so by applying within the due date of 30th April.
Big organizations such as the European Commission can help in getting the blockchain projects to the people and can explain the progress of the technology. The European Commission has in recent times invested in significant funds with the aim of decentralization, and in the future, the support of EC will continue to grow. The European Commission is planning to distribute more than $300 million towards blockchain and to the projects of DLT by 2020.
The DLT initiative LEDGER project is funded by the European Commission and is supported by the IOTA Foundation.