The EU’s EBSI Vector project and Protokol blockchain solutions are collaborating to develop a program that uses blockchain technology to verify credentials of EU citizens across borders
The European Commission has taken steps to adopt blockchain technology in order to revolutionize the verification process of educational and professional credentials across different countries. In a recent announcement, blockchain solutions provider Protokol disclosed its partnership with the EU-funded EBSI Vector project. Together, they aim to develop a decentralized system for cross-border verification.
The project will leverage blockchain technology to create a credential verification solution that intends to make it easier for EU citizens to have their credentials recognized and accepted in various countries.
Lars Rensing, the CEO of Protokol, stated that the objective is to establish a digital infrastructure for the EU and beyond that is more open, secure, and decentralized. He believes that blockchain and Web3 technology have significant potential to revolutionize various industries and make them future-ready.
EU citizens, referred to as users, will receive a digital wallet provided by Protokol. This wallet will allow them to securely store and utilize their digital credentials.
As per the announcement, the project aims to integrate additional EU initiatives, including EUeID, to develop enhanced solutions that facilitate seamless interactions between individuals and organizations.
Also Read This Related:EU Consumer Group Files Complaint Against Social Media Platforms Over Crypto Advertising
The collaboration with Protokol is a component of a broader initiative known as the European Blockchain Services Infrastructure (EBSI). This initiative is focused on establishing a framework that enables interoperable blockchain-based services across the European Union.
EU leaders have taken an active approach in embracing and regulating emerging Web3 technologies. On May 31, regulators approved and enacted the Markets in Crypto-Assets (MiCA) bill into law, following the final approval from the finance minister.
Introduced in 2020, MiCA has been a significant subject of conversation in the industry. The primary objective of the bill is to establish a uniform regulatory framework for crypto assets across EU member states. Companies operating in this space have been eagerly awaiting the final decision on this regulation. Bakkt, a blockchain technology platform, has expressed its interest in focusing on the EU following the implementation of MiCA.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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