EU to verify professional and educational credentials with blockchain
June 9, 2023 3:23 AM
EBSI Vector, an EU project, and Protokol, a blockchain service provider, are developing a blockchain-based international credential verification scheme for EU citizens.
The European Commission has sought to implement cross-border verification of educational and professional credentials.
The European Union-funded project EBSI Vector is developing a distributed framework for cross-border verification, and on June 7 Protokol, a provider of Web3 and blockchain solutions, announced that it would be working with EBSI Vector.
The project will employ blockchain technology to create a future credential verification system that will make it easier for EU individuals to get their credentials validated and acknowledged in other nations.
According to Protokol CEO Lars Rensing, the aim is to build a digital infrastructure that is more accessible, secure, and distributed across the European Union and beyond.
"We are confident that the blockchain and Web3 technologies will revolutionize many different markets and help them get ready for the future."
Protokol's digital wallet will be issued to EU citizens so that they can safely store and access their digital credentials.
The project, according to the statement, would eventually include other EU efforts, such as "EUeID," for more solutions to facilitate smoother connections between people and businesses.
This collaboration with Protokol is part of the European Blockchain Services Infrastructure (EBSI) program, which is aimed at developing an interoperable framework for EU-wide blockchain-based services.
EU officials have taken a proactive approach to welcoming and regulating developing Web3 technology. The Markets in Crypto-Assets (MiCA) bill was approved into law by authorities on May 31.
Since its debut in 2020, MiCA has generated much interest and debate among professionals. The primary goal of the legislation is to standardize crypto asset regulation throughout EU member states.
Companies in the industry have been waiting for the final word on the regulation. Bakkt, a blockchain technology platform, stated that it is aiming toward the EU post-MiCA.