June 9, 2023

EU To Use Blockchain for Credential Verification

EU Blockchain

EU Blockchain

The European Commission started to deploy blockchain technology in educational and professional credential verification, according to Cointelegraph.

The European Union’s EBSI Vector project collaborated with Protokol, a blockchain service provider, to create a decentralized framework for cross-border verification.

The project will develop the coming credential verification solution using blockchain technology so that EU citizens will have their credentials recognized and accepted in various countries.

In this regard, Protokol CEO Lars Rensing pointed out that the project targets establishing a more secure, open and decentralized digital infrastructure for the EU and beyond, saying: “We believe that blockchain and Web3 technology have enormous potential to transform a wide range of industries and prepare them for the future.”

Under this cooperation, EU citizens will get a digital wallet created by Protokol to store and use their digital credentials. The project will also cooperate with other initiatives such as the EU digital ID scheme (EUid), which enables to use of online services anywhere in Europe safely and easily.

It is worth mentioning that the collaboration with Protokol is part of a greater project, which is called the European Blockchain Services Infrastructure (EBSI) initiative, which is a network of distributed blockchain nodes across Europe.

Moreover, the European Union became the first regional bloc in the world to adopt a comprehensive regulatory regime for the cryptocurrency industry.

The Economic and Financial Affairs Council of the EU, which comprises the finance ministers of the 27 member states, voted in mid-May for the Markets in Crypto-Assets (MiCA) regulation weeks after the European Parliament approved a consensus version.

MiCA will gradually go into effect by the next year as the rules will be applied on the stablecoins in July 2024 and on the crypto assets in January 2025.

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