IOTA Foundation has said that it has been award an EU-funded project, ENSURESEC, by the European Commission to help bolster the cyberattacks on e-commerce websites across the continent.
IOTA noted in a release that it was awarded ENSURESEC, a project dedicated to improving the security of e-commerce websites infrastructure, alongside some 22 others.
The need and growth of the e-commerce industry across Europe are increasing steadily, however, some users are still skeptical about the security of the online market, thus, reducing their confidence in e-commerce. Due to the need for development and maintenance of e-commerce infrastructure security, the European Digital Single Market was created to help enhance the fair growth of all small businesses around the European market.
IOTA Foundation and some other 22 companies joined the ENSURESEC consortium, a group backed by the European Commission, to achieve this aim.
IOTA had been part of EU funded projects like +CityXchange and Dig_it in the past. IOTA Foundation alongside the other 22 partners won the ENSURESEC consortium project award in January 2020 against some other consortia that participated in the challenge.
Following the award, the ENSURESEC project has finally kicked off this month, with all the 23 partners meeting via a remote virtual meeting.
The European Union will be giving out 7.7 Million Euros for the ENSURESEC, which is 83% of 9.3 Million Euros, the total estimated fund for the project. The project is a dedicated End-to-end Security of the Digital Single Market’s E-commerce and Delivery Service Ecosystem. It will be coordinated by Portugal-based INOV Research Center and last 2 years. Also, CEA (Centre for L’energie Atomique) from France will be the Technical Manager for the project.
IOTA Foundation, the only Distributed Ledger Technology provider in the consortium, will be handed 450,000 Euros budget. IOTA will offer its technology (the IOTA Tangle) in developing an immutable decentralized audit trail infrastructure that will strengthen the security of the project.
Also, IOTA identities technology will be used to develop the ENSURESEC project to help secure the genuineness of data and connected physical assets and stakeholders. The off-tangle component connections will also be developed for data search and verification.
IOTA was also chosen as a reference distributed ledger to develop a trusted and neutral infrastructure that will be used for forensics analysis.
IOTA’s Tangle technology offers spam protection, making it difficult to execute Denial of Service attacks. It also guarantees 24/7 infrastructure availability and security against ledger forging attacks by third parties. The quantum-secure nature of IOTA transactions signature and protection against brute force tampering attacks is another great thing that will be introduced into the project.
IOTA’s Tangle technology has the requirement to support the expected transaction on the e-commerce service ecosystem. The permissionless nature of the IOTA network also makes it easy to adapt to the limitless growing e-commerce ecosystem.
When the ENSURESEC technology is completely developed, it will be tested on a number of real-world e-commerce websites, and will also go through a (cyber) physical attack threats test.
The project will be tested on the supply chain of an online pharmacy platform TOFAR Market, managed by Milsped Group and Relational Romania.