The European Commission has taken steps to establish a system for validating educational and professional credentials across borders.
On June 7, Protokol, a provider of Web3 and blockchain solutions, announced a partnership with EBSI Vector, a project funded by the European Union. Together, they aim to create a decentralized framework using blockchain technology to facilitate cross-border verification.
The objective of this collaboration is to develop a credential verification solution that will streamline the recognition and acceptance of EU citizens’ credentials in different countries.
Lars Rensing, the CEO of Protokol, expressed the vision of fostering an inclusive, secure, and decentralized digital infrastructure not only for the European Union but also for other regions.
“We are convinced that the potential of blockchain and Web3 technology is immense, capable of revolutionizing numerous industries and equipping them for the future.”
Protokol, a digital solutions provider, has been tasked with developing a digital wallet specifically designed for EU citizens. This wallet will serve as a secure repository for their digital credentials and enable them to conveniently utilize these credentials as needed.
In addition, the EU plans to integrate other initiatives, such as “EUeID,” into this project. The objective is to enhance the overall user experience by facilitating seamless interactions between individuals and organizations.
This collaboration with Protokol is part of a broader undertaking known as the European Blockchain Services Infrastructure (EBSI) initiative. The aim of this initiative is to establish a standardized and interoperable framework for blockchain-based services across the European Union.
EU leaders have been proactive in embracing and regulating emerging Web3 technologies. This commitment was demonstrated through the enactment of the Markets in Crypto-Assets (MiCA) bill on May 31. Originally introduced in 2020, MiCA has been a prominent topic of discussion within the industry. Its primary objective is to establish a consistent regulatory framework for crypto assets across EU member states.
Companies operating in this sector have been closely monitoring the finalization of the MiCA regulation. For instance, Bakkt, a blockchain technology platform, has expressed its interest in exploring opportunities in the EU following the implementation of MiCA.