(Crypto-NewsFlash) The IOTA Foundation announced it has been awarded a project to build a secure infrastructure that will support the growth of small businesses and retailers in the e-commerce sector from Europe. For this purpose, the IOTA Foundation together with companies and institutions such as INOV, Sonae, Caixa Bank, Atos, Search Lab, Fraunhofer IF, Engineering and Telematix formed the ENSURESEC consortium, which won the competition from the European Commission in January 2020.
the IOTA Foundation will develop a set of interfaces for IOTA streams, as well as a set of off-tangle components that allow for the search and verification of data on the tangle. ENSURESEC will also use the IOTA Identity solution to ensure the authenticity of the information. Thus, the tangle should help to make the solution secure against cyberattacks:
The Tangle is cybersecure. The permissionless nature makes it harder to aggregate enough node power required to control the ledger state. Differently from permissioned solutions, the Tangle does not relax security toward nodes onboarding. The use of Proof-of-Work as spam protection makes it difficult to perform Denial of Service attacks, thus guaranteeing 24/7 infrastructure availability, and allows to guard against possible ledger forging attacks by third parties. IOTA transactions signature is quantum-secure and protected against brute force tampering attacks.
The project, which started with a first online meeting earlier this month, will receive a budget of 7.7 million euros from the EU budget to develop an end-to-end security solution for the e-commerce and delivery services ecosystem of the digital European single market. The total cost of the project is currently estimated at 9.3 million Euros. The aim of the project is to provide a prevention tool that uses machine learning to classify, predict, detect and respond to cyberattacks.