UK start-up beats off Big Four to win EU blockchain gig

26 January 2022 2 min. read
More news on

A London-based start-up saw off competition from Big Four consulting firms, to win a major technology contract with the European Union. iov42 will now help the bloc of 27 embrace blockchain technology to streamline its administration.

Founded in 2016, iov42 is a company which provides an identity-centric technology platform, inspired by blockchain. The iov42 platform uses simple building blocks to create easy-to-use applications. It offers a technical solution that can meet high levels of regulatory compliance and security, while also allowing networks to scale and work with each other as necessary. As such, the core global blockchain operating platform enables governments, companies, and individuals to build secure and efficient applications.

In mid-2021, this saw iov42 win a prestigious contract with the EU. It was chosen by the European Commission to help design European blockchain capabilities. iov42 beat the likes of EY and Deloitte to secure one of seven EU contracts — collectively worth £5.3 million – available for Phase One of the project.

UK start-up beats off Big Four to win EU blockchain gig

Speaking to technology news platform Sifted, iov42 CEO Dominic von Trotha Taylor said the EU plan is “an enormous vision and feels quite revolutionary.” He added its deployment of blockchain will encompass things like “protecting consumer privacy… EU countries don’t want their data to end up in a random part of the world.”

Von Trotha Taylor added that after winning the contract, iov42 spent the second half of 2021 fleshing out the EU’s blockchain approach. He explained that the aim is “to end up with is a platform that is proven to operate. In two years there should be a clear understanding of the art of the possible.”

If policymakers then back iov42’s plan, the EU will explore a prototype system. It seems that EU leaders are already on the front-foot regarding blockchain, too, so the chance of this might be high. For example, in April 2021, the European Investment Bank sold the world’s first syndicated digital bond – something which required the bank to issue bond tokens registered on the public Ethereum blockchain network. Meanwhile, the Commission is also throwing its weight behind plans to introduce a digital euro.