Jun 08, 2023
EU Introduces Blockchain-based Credential Verification Solution
The European Commission has taken a major step forward in the digital infrastructure space, announcing a collaboration with Web3 and blockchain solutions provider, Protokol, on June 7. The project is set to create a decentralized framework for cross-border verification of educational and professional credentials.
Protokol CEO Lars Rensing said the goal of the project is to provide EU citizens with a more open, secure, and decentralized digital infrastructure. This will be facilitated by the issuance of digital wallets created by Protokol, which can be used to store and use digital credentials.
The project is part of a larger initiative called the European Blockchain Services Infrastructure (EBSI) initiative. This aims to create an interoperable framework for EU-wide blockchain-based services. In addition, the project will incorporate other EU initiatives, such as “EUeID,” for further solutions to create smoother interactions between people and organizations.
The move comes shortly after the EU signed the Markets in Crypto-Assets (MiCA) bill into law on May 31. MiCA was first introduced in 2020 and has since been a major topic of discussion in the industry. The bill’s main aim is to create a consistent regulatory framework for crypto assets for EU member states.
The announcement has been welcomed by companies in the space, with blockchain technology platform Bakkt stating that it’s looking forward to the EU post-MiCA. This project between Protokol and the EBSI Vector is set to provide the digital infrastructure to ensure that EU citizens have their credentials recognized and accepted in different countries.
The project is set to provide a range of opportunities for businesses in the space, including NFT promotion and marketing. NFTs are becoming increasingly popular, with Twitter recently announcing its own NFT marketplace. Companies are now looking to capitalize on this trend by utilizing NFT marketing agencies to promote their products.
The collaboration between Protokol and the EBSI Vector is set to provide a much-needed regulatory framework for the Web3 space. This will provide businesses with the confidence to invest in the space, and will open up new opportunities for NFT marketing and promotion. The project is set to revolutionize the way credentials are verified across borders, and will provide EU citizens with a secure and reliable digital infrastructure.
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