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- A feasibility study to identify the best SSI framework for the European market has already been conducted as part of the partnership.
- SSI is being explored more and more by governments, businesses, and web3 initiatives as the next development in digital identity.
The blockchain consultancy SKChain Advisors and PwC Italy have announced their partnership to provide a digital identity solution for the EU. The solution, which was developed utilizing blockchain-based Self-Sovereign Identity (SSI) technology, would allow European businesses and their clients to safely and legally use digital platforms.
The comprehensive assessment of the eIDAS 2.0 Regulation, which establishes the European Digital Identity Wallet (EUDI-Wallet) for all EU citizens, served as the fundamental basis for this effort.
A feasibility study to identify the best SSI framework for the European market has already been conducted as part of the partnership between SKChain Advisors and PwC Italy. The solution will be developed in the next phase and will act as a gateway to both web3 platforms and conventional services.
Businesses now have a clear operating framework thanks to the European Union’s standardization of digital asset regulations. However, since there are currently few enterprise-grade solutions available for accessing the blockchain economy, businesses are underserved.
SSI is being explored more and more by governments, businesses, and web3 initiatives as the next development in digital identity. The adoption of regulated, blockchain-powered identity systems is anticipated in the future, as shown by the European Union’s MiCA regulations and initiatives like EU Digital identity Wallet. A decentralized digital future with data privacy at its center is anticipated when SSI becomes the default identity standard for web2 and web3 apps as adoption increases. The SSI-based solution will work well for connecting with digital asset services as well as for authentication and verification.
World Mobile Chain, the first Layer 3 protocol developed on the Base network, will host the solution being developed. The SSI will simplify access for organizations wishing to use compliant identity solutions in the blockchain realm. The chain is intended for both conventional and digital economy European corporations.
PwC Italia partner and Financial Services Transformation leader, Marco Folcia said:
“Digital Identity will be pivotal in revolutionizing how we secure and authenticate personal information. As the digital landscape evolves, responsible innovation will be crucial for widespread adoption, ensuring both privacy protection and seamless user experience while utilizing blockchain technology to raise data transparency. eIDAS 2.0 and the EUDI wallet are set to redesign the way businesses relate to customers while leaving users able to control their data and seamlessly access their preferred online and offline services.”
PwC Italy has used blockchain technologies in a variety of applications, and SKChain Advisors has a stellar reputation for managing web3 projects. By working together closely, the two organizations will launch an SSI solution that will improve web3 accessibility by developing a digital identity framework that complies with EU regulations.
Blockchain technology is the area of expertise for the progressive consultancy firm SKChain Advisors. Its team provides customers looking to meaningfully use distributed ledger technology with specialized advisory services.
The goal at PwC is to address significant issues and foster societal trust. Its network of companies, which spans 149 countries and employs over 370,000 people, is dedicated to providing tax, advising, and quality assurance services.
