The European Commission has made moves to implement blockchain technology to transform the way educational and professional credentials will be verified across borders.
In an announcement on June 7, the Web3 and blockchain solutions provider Protokol revealed a collaboration with the EBSI Vector project, which is an EU-funded project creating a decentralized framework for cross-border verification.
The project will use blockchain technology to develop the forthcoming credential verification solution, which aims to simplify the process for EU citizens to have their credentials recognized and accepted in different countries.
Lars Rensing the 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 technology have enormous potential to transform a wide range of industries and prepare them for the future.”
Users, 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 ultimately incorporate other EU initiatives, such as EUeID for further solutions to create smoother interactions between people and organizations.
This work with Protokol is part of a larger project creating an interoperable framework for EU-wide blockchain-based services called the European Blockchain Services Infrastructure (EBSI) initiative.
Leaders in the EU have been proactive in welcoming but also regulating emerging Web3 technologies. On May 31, regulators signed the Markets in Crypto-Assets (MiCA) bill into law, following the finance minister’s final approval.
MiCA was first introduced in 2020 and has since been a major topic of discussion in the industry. The bill’s main aim is the creation of a consistent regulatory framework for crypto assets for member states of the EU.
Companies in the space have been eyeing the final call on the regulation. The blockchain technology platform Bakkt said it’s looking toward the EU post-MiCA.