EU opens arms to blockchain

 

EU opens arms to blockchain

The European Commission is intensifying its effort to integrate blockchain technology into many industries across the continent

The latest is a case of use in the verification of credentials.

The European Commission for Blockchain Services (EBSI) has confirmed the launch of an ambitious cross-border verification project in a decentralized framework.

According to available details

Blockchain will allow EU citizens to validate their academic and professional credentials across several nations.

EBSI revealed that the project will be implemented in partnership with blockchain provider Protokol as part of efforts to explore the use of Web3 outside financial markets.

Platform users will store their documents and credentials

Access to Protokol's digital wallet

This eliminates the need for additional paperwork and judicial bureaucracy.

Lars Rensing, CEO of Protokol, said:

"We believe that blockchain and Web3 technology has enormous potential to transform a wide range of industries and prepare them for the future."

EBSI has revealed that the new blockchain

based cross :

border verification plan will be integrated with existing

EU initiatives such as EUeID.

At the moment :

it is not clear whether EUeID will turn into a blockchain, but questions about the protection of personal data and privacy continue to spark speculation.

Protokol Project is one of 20 acceptable blockchain sets in

the EBSI Blockchain Protection Fund 2023

1. It has succeeded in
2. meeting business requirements
3. and the legal and regulatory significance.

Selected groups will be paired with national organizers or the European Union to participate in a "constructive dialogue" to ensure compliance with existing rules.

Similar digital identity projects benefiting from blockchain appear worldwide with the support of governments.

In the Philippines :

• Twala unveiled its sovereign self-digital ID (SSI)

• to improve the frequency of the country's verification procedures

• and prevent bad actors from stealing the details provided.

EU opens arms to blockchain

The EU has many initiatives within its belt to integrate blockchain across many sectors, but the core theme is a slow and steady approach.

The European Central Bank (ECB)

is leaning towards the blockchain for the proposed digital euro

He cited the unchangeability, scalability and transparency of reasons.

European commercial banks explore securities coding using blockchain

1. With the European Securities
2. and Markets Authority (ESMA)
3. granted regulatory authority over the experiment.

German banks have begun experimenting with deposit codes minted on distributed ledgers in an effort to improve the country's payments system.