The European Commission has taken steps to implement a system where educational and professional credentials can be verified across borders.
On June 7, Protokol, a Web3 and blockchain solutions provider, announced its collaboration with EBSI Vector, a European Union-funded project focused on establishing a decentralized framework for cross-border verification. Through the use of blockchain technology, the project aims to develop a credential verification solution that simplifies the recognition and acceptance of EU citizens’ credentials in different countries.
Lars Rensing, CEO of Protokol, expressed the objective of creating a more open, secure, and decentralized digital infrastructure for the European Union and beyond. As part of the initiative, EU citizens will receive a digital wallet provided by Protokol to store and utilize their digital credentials. The project plans to integrate other EU initiatives, including “EUeID,” to facilitate smoother interactions between individuals and organizations. This collaboration with Protokol is part of the larger European Blockchain Services Infrastructure (EBSI) initiative, which aims to establish an interoperable framework for blockchain-based services throughout the EU.
EU leaders have been proactive in embracing and regulating emerging Web3 technologies. On May 31, the Markets in Crypto-Assets (MiCA) bill was signed into law by regulators. Introduced in 2020, MiCA has been a significant topic of discussion within the industry. Its primary objective is to establish a consistent regulatory framework for crypto assets across EU member states.
Companies within the crypto space have been closely monitoring the finalization of MiCA regulations. Bakkt, a blockchain technology platform, has expressed its interest in exploring opportunities within the EU following the implementation of MiCA.
Get $200 Free Bitcoins every hour! No Deposit No Credit Card required. Sign Up