Traent has been selected by the European Commission to participate in the European Blockchain Regulatory Sandbox. The sandbox establishes a pan-European framework for regulatory dialogues to increase legal certainty for innovative blockchain solutions. The sandbox, funded by the Digital Europe (DIGITAL) program, will be operational from 2023 to 2026. It will support 20 projects on the European blockchain services infrastructure annually, including public sector use cases. The project is facilitated by a consortium led by Bird & Bird and its consultancy division OXYGY. It is also supported by blockchain experts from WBNoDE and web designers from Spindox.
What it’s about
Traent was selected by industry experts coordinated by the Warren Brandeis consultancy agency for the 2023 edition. The selection occurred after the presentation and evaluation of the use case, its degree of innovation, and its regulatory interest. Afterward, the program includes a series of meetings with experts to discuss various regulatory aspects relating to the use of blockchain in multiple fields. The goal of the European Blockchain Regulatory Sandbox is to facilitate cross-border dialogue between regulators/supervisors and companies or public authorities.
The sandbox will allow supervisors to improve their knowledge of cutting-edge technologies, particularly those related to Distributed Ledger Technology (DLT). Indeed, the goal is to regulate these technologies and the innovations they bring to European companies as effectively as possible. From the dialogues between companies and regulators will emerge practices and regulatory proposals that will be submitted to the European Commission. Evidently, this collaboration is critically important given the increasing convergence of innovative technologies in use cases often involving different industries.
Why Traent?
The company has developed a collaboration platform on blockchain. It allows companies to create, manage, and subsequently select and share projects and data. What makes Traent’s platform unique is the underlying hybrid blockchain. In fact, Organizations can select users by individual project and data to publish (safeguarding sensitive information and thus bringing it in line with GDPR). Additionally, on this powerful technology, three main products have been created that target organizations of different sizes:
- digital product passport
- supply chain management
- ESG data management and reporting
Various active projects and companies to which Traent has supplied these products, from the automotive industry to that of industrial machinery, from the wine sector to institutions. In addition to the underlying technology, all three solutions have in common the ability to optimize and streamline processes within the company or between companies and external parties.
“It is an honor to be selected within the European Blockchain Regulatory Sandbox 2023. We are excited to take part in creating new regulatory proposals in the blockchain field and to put our technological expertise at the service of the European Commission.” – Federico d’Annunzio, Traent’s Founder.
quote by federico d’annunzio, Founder of traent
Conclusions
The European Blockchain Regulatory Sandbox was created to bring together the most knowledgeable blockchain companies at the European level to increase legal certainty and enable Europe to take digital leadership in this digital decade. By providing a reliable environment that motivates constant dialogue between DLT technology providers and regulators, European institutions can disseminate standards in line with rapid digital evolution and support for the entire industry.
