EU to use blockchain for educational and professional credential verification

The European Commission has taken steps to establish educational and professional qualifications that can be authenticated 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 to develop a decentralized system for verifying cross-border transactions.

The forthcoming credential verification solution, which will be developed using blockchain technology, seeks to make it easier for EU citizens to have their credentials accepted and acknowledged in different countries.

CEO Lars Rensing declared that the aim is to establish a more open, secure, and decentralized digital infrastructure for the European Union and beyond.

EU citizens will be provided with a digital wallet developed by Protokol to store and utilize their digital credentials.

As per the announcement, the project will eventually integrate other EU initiatives, such as “EUeID,” to provide additional solutions to facilitate smoother interactions between people and organizations.

Cumberland Labs has launched a Software as a Service (SaaS) Application Programming Interface (API) for public blockchains and Decentralized Finance (DeFi) protocols.

This project, involving Protokol, is part of a larger effort to develop an interoperable framework for blockchain-based services across the European Union, known as the European Blockchain Services Infrastructure (EBSI) initiative.

EU authorities have been prompt in embracing and supervising the developing Web3 technologies. On May 31, regulators officially approved the Markets in Crypto-Assets (MiCA) bill.

In 2020, MiCA was first brought up and has been a major point of conversation in the business since then. The primary objective of the bill is to establish a unified regulatory structure for crypto assets for EU nations.

Companies in the industry have had their attention on the ultimate decision on the rules. The blockchain technology platform Bakkt has noted that it is monitoring the EU post-MiCA.

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