The European Union grants funding for IOTA Smart City Project
IOTA smart city project gets funded by the European Union. The +CityxChange Consortium has won a bid to start a new smart city project under an EU research and innovation program. IOTA smart city project has been granted 20 million euros in EU funding.
The +CityxChange Consortium comprises of 25 enterprises and organizations which includes the distributed ledger technology innovator IOTA. The group will be led by the Norwegian University of Sciences and Technology (NTNU) for the said project. The project competed against 11 other proposals to become the lighthouse project for developing energy independent cities.
The smart city project was meant to represent the usefulness of IOTA within the context of a smart city in various cities across Europe. It got a positive response from the European Union Commission which was evaluating the EU research and innovation programme Horizon 2020.
The European cities of Pisek, Voru, Trondheim, Limerick, Sestao, Alba Iulia and Smolyan will experiment with using digital services, including peer-to-peer technology and blockchain, over the next five years, in order to improve quality of life and generate more energy than they consume. The experiences of these cities will be shared with cities across Europe to continue the wider development of the smart city project.
The smart city project had submitted a proposal to receive funding from the Europen Union’s Horizon 2020 research and innovation programme which is the biggest EU Research and Innovation programme.
The expected outcome of this project is that with the help of IOTA, solutions will be created for Positive Energy Blocks leading to Positive Energy Districts and cities. It is designed to develop value-added solutions meant to support duplication across the EU cities along with expansion to commercial markets which will be beyond the project’s duration.
The proposed energy solutions will include residents and local government. The innovative and ambitious project is 100% aligned with the IOTA Foundation. Smart cities are one of the fastest growing areas of innovation for IOTA. The +CityxChange aims to help the cities involved in the project achieve their goal of sustainability with 100% renewable energy and zero emissions by the year 2050.
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