JAKARTA - In an announcement on June 7, Web3 and blockchain solutions provider, Protocol, revealed its collaboration with EBSI Vector, a project funded by the European Union to create a decentralized framework for cross-border verification.
The project will use blockchain technology to develop a forthcoming credential verification solution, which aims to simplify the process for EU citizens to have their credentials recognized and accepted in different countries.
Protocol CEO, Lars Rensing, said the goal is to create a more open, secure and decentralized digital infrastructure for the European Union and beyond.
"We believe that blockchain technology and Web3 have great potential to transform various industries and prepare them for the future," said Rensing quoted by Cointelegraph.
EU citizens will be provided with a digital wallet created by the Protocol to store and use their digital credentials.
According to the announcement, the project will eventually incorporate other EU initiatives, such as "EUeID," for further solutions to create smoother interactions between people and organizations.
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This collaboration with the Protocol is part of a larger project of creating an interoperable framework for blockchain-based services across the European Union called the European Blockchain Services Infrastructure Initiative (EBSI).
EU leaders have been proactive in welcoming - and regulating - emerging Web3 technologies. On May 31, the regulator signed into law the Crypto Asset Market (MiCA).
MiCA was first introduced in 2020 and has since become a major topic of discussion in the industry. The main objective of this law is to create a consistent regulatory framework for crypto assets for the member states of the European Union.
The companies in this space have had their eye on the final say on the regulation. Blockchain technology platform Bakkt says they are looking towards the European Union after MiCA.
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