The European Union (EU) is taking active steps to implement Blockchain for Cross-Border credential verification.
Furthermore, the EU’s EBSI Vector project and Protokol, a prominent blockchain service provider, are collaborating to establish a blockchain-based program that will ensure seamless verification for EU citizens. By leveraging the power of blockchain technology, the EU aims to enhance the efficiency and reliability of credential verification.
Collaboration for Cross-Border Verification
On June 7, Protokol, a prominent provider of Web3 and blockchain solutions announced its partnership with EBSI Vector. Notably funded by the European Union, EBSI Vector has a clear mission of developing a decentralized framework for cross-border verification.
The overarching goal of this collaboration is to leverage blockchain technology. Importantly, the objective is to create a seamless credential verification solution that simplifies the process for EU citizens in having their credentials recognized and accepted across different countries.
Under the banner of “Advancing Digital Infrastructure,” Lars Rensing, the CEO of Protokol, emphasized the objective. This is to establish an open, secure, and decentralized digital infrastructure for the EU and also for other regions.
Furthermore, this underscores the broader ambition and vision of Protokol to create a global impact through their efforts in building a robust digital infrastructure. By integrating blockchain and Web3 technology, various industries can undergo transformation. Additionally, they effectively prepare for the challenges and opportunities of the future.
Digital Wallet for EU Citizens
As part of the initiative, Protokol will provide EU citizens with a digital wallet to store and utilize their digital credentials. Furthermore, this wallet will serve as a secure repository for their educational and professional qualifications.
Notably, the project extends beyond its collaboration with Protokol. In fact, it aims to integrate other EU initiatives, including “EUeID,” in order to foster smoother interactions between individuals and organizations. By leveraging these synergies, the EU envisions a comprehensive and efficient ecosystem for credential verification.
It is important to recognize that the partnership with Protokol is just one component of the larger EBSI initiative, which seeks to establish an interoperable framework for blockchain-based services across the EU. This initiative serves as a testament to the EU’s commitment to embracing and regulating emerging Web3 technologies.
MiCA Bill and Regulation
EU leaders have demonstrated a proactive approach in welcoming and regulating Web3 technologies. Notably, on May 31, the Markets in Crypto-Assets (MiCA) bill was signed into law. Introduced back in 2020, MiCA aims to establish a consistent regulatory framework for crypto assets across EU member states.
This finalization of regulation has garnered considerable attention from companies operating in the blockchain space.
One such company, Bakkt, has set its sights on the EU as a potential market following the implementation of MiCA. The significance of this development cannot be overstated. It highlights the growing interest and opportunities presented by the EU’s regulatory stance towards blockchain technology.
Moreover, this emphasizes the increasing importance and potential benefits that arise from the EU’s approach to regulating blockchain technology.