- The European Union (EU) has embraced blockchain technology in verifying credentials
- The move was enabled by EU-funded EBSI Vector partnering with web3 platform Protokol to develop a blockchain-based credential verification platform
- The initiative is meant to enable credentials originating from the EU to be easily verified in other countries
The European Union (EU) has embraced blockchain technology in verifying credentials. This move was enabled by the EU-funded EBSI (European Blockchain Services Infrastructure) Vector partnering with web3 platform Protokol to develop a blockchain-based credential verification platform. The initiative is meant to enable credentials originating from the EU to be easily verified in other countries.
Web3 Prepares Industries for the Future
Access to the new initiative will be provided through a virtual wallet which EU citizens can use to store their credentials. Further details indicate that the initiative will also, in the future, house Europe’s EUeID (European Digital Identity) further enhancing how people in the region interact in a digital space.
According to Protokol CEO Lars Rensing, the web3 technology has the power to prepare most industries for the future. The EBSI project seeks to provide blockchain-based services across the EU. The initiative comes at a time when lawmakers in the region are expressing a positive attitude towards blockchain technology through the recently signed MiCA bill into law.
The EU move comes just weeks after China announced a national blockchain center. However, unlike the EU, China has made it clear that it’s only interested in blockchain technology and not cryptocurrencies which the country has placed a blanket ban on.
The EU Isn’t Alone in the Blockchain
The EU’s initiative adds to countries declaring interest in blockchain technology. Japan, for example, has announced that it’s open to using web3 to publicize innovations, with the country’s prime minister Fumio Kishida adding that the country will invest in NFTs and the metaverse.
With the EU making another step in the blockchain world, it’s yet to be seen whether it will make it easy for crypto initiatives.