Reading 2 minutes Views 2 Published Updated
The European Commission has taken steps to implement blockchain technology to change the way educational and professional documents are verified abroad.
In a June 7 announcement, Web3 and blockchain solution provider Protokol announced a collaboration with the EU-funded EBSI Vector project that is building a decentralized framework for cross-border verification.
The project will use blockchain technology to develop a future credential verification solution that aims to simplify the process of recognition and acceptance of credentials by EU citizens in different countries.
Lars Rensing, CEO of Protokol, said the goal is to create a more open, secure and decentralized digital infrastructure for the EU and beyond.
“We believe that blockchain and Web3 technologies have tremendous potential to transform a wide range of industries and prepare them for the future.”
Users who are EU citizens will be issued a digital wallet created by Protokol to store and use their digital credentials.
According to the announcement, the project will eventually include other EU initiatives such as EUeID for further solutions to create smoother interactions between people and organizations.
Related: Cumberland Labs Unveils SaaS API for Public Blockchain and DeFi Protocols
This work with Protokol is part of a larger project to create an interoperable framework for pan-European blockchain-based services called the European Blockchain Services Infrastructure (EBSI) initiative.
EU leaders have actively welcomed, but also regulated, new Web3 technologies. On May 31, regulators signed into law the Crypto Asset Markets Act (MiCA) following final approval by the finance minister.
MiCA was first introduced in 2020 and has been a major topic of discussion in the industry ever since. The main goal of the bill is to create a unified regulatory framework for cryptocurrency assets for EU member states.
Companies in space are eyeing final regulation. Blockchain technology platform Bakkt has said it is looking towards the EU after MiCA.