- June 8, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The European Commission is making strides towards adopting blockchain technology to transform the verification process of educational and professional credentials across countries. In an effort to achieve this goal, the EU-funded EBSI Vector project has partnered with Protokol, a blockchain solutions provider.
The collaboration aims to leverage blockchain technology in developing a credential verification solution. The goal is to simplify the process for EU citizens to have their educational and professional credentials recognized and accepted in different countries.
According to Protokol CEO Lars Rensing, the objective of the collaboration with EBSI Vector is to establish a digital infrastructure that is open, secure, and decentralized, not only for the European Union but also for broader applications beyond its borders.
Rensing stated:
We believe that blockchain and Web3 technology have enormous potential to transform a wide range of industries and prepare them for the future.
The announcement stated that the project’s scope extends beyond credential verification. It aims to incorporate other EU initiatives, including “EUeID,” to develop additional solutions that foster seamless interactions between individuals and organizations.
Expanding Blockchain Implementation Across The EU
This collaboration between Protokol and EBSI Vector is part of the wider initiative called the European Blockchain Services Infrastructure (EBSI).
By integrating various initiatives, the project aims to create a comprehensive framework that facilitates smoother and more efficient processes within the European Union.
The goal is to leverage blockchain technology to enhance the efficiency, transparency, and security of various digital services across sectors such as education, healthcare, finance, and more.
Protokol will contribute to the development of holder wallets, allowing citizens to store their digital credentials securely. Additionally, Protokol’s expertise in user-friendly design will be utilized to enhance the cross-border user journey, ensuring a seamless and intuitive experience for individuals interacting with the credential verification system.
The project is being undertaken by a consortium of partners from across Europe, comprising universities, research institutions, and technology companies. This diverse consortium brings together a range of expertise and resources to ensure the success of the project.
By collaborating with various stakeholders, including academic institutions, research organizations, and technology experts, the project aims to leverage their collective knowledge and capabilities to develop and implement effective solutions.
This comes at a time when EU leaders have taken an active approach to embracing and regulating emerging Web3 technologies.
On May 31, regulators officially passed the Markets in Crypto-Assets (MiCA) bill into law. This bill, first introduced in 2020, has been a significant point of discussion within the industry. Its primary objective is to establish a cohesive regulatory framework for crypto assets across European Union member states.
By implementing MiCA, EU leaders aim to bring consistency and clarity to the regulation of crypto assets, fostering a secure and transparent environment for market participants.
The final decision on the MiCA regulation has been eagerly anticipated by companies operating in the blockchain and crypto space. One such company is Bakkt, a blockchain technology platform, which has expressed its interest in expanding its focus on the European Union following the implementation of MiCA.
