PwC Italy and blockchain consultancy SKChain Advisors are growing a digital identification answer for the European Union utilizing blockchain know-how.
The product, constructed on the World Cellular Chain, a Layer 3 community on Coinbase’s Base, goals to offer a safe, self-sovereign identification framework that enables customers to regulate their private information with out counting on centralized authorities.
The initiative aligns with the European Digital Identification Pockets launched underneath the eIDAS 2.0 regulation, which goals to standardize digital identification throughout the EU, in keeping with a press launch shared with crypto.information.
PwC Italy and SKChain Advisors have accomplished a feasibility research to find out the optimum SSI framework and are actually shifting ahead with growth.
The answer will act as a gateway for customers to entry each conventional and Web3 platforms.
Information privateness and safety
SSI know-how is gaining traction as a option to improve information privateness and safety whereas complying with laws such because the EU’s Markets in Crypto-Belongings framework.
In keeping with an organization notice, the brand new digital identification product will help authentication, verification, and interactions with digital asset companies.
That is anticipated to assist enterprises and customers navigate an more and more digital financial system whereas making certain compliance with evolving regulatory requirements.
“There has been talk for a long time about whether the EU’s digital identity scheme would use blockchain,” Rob Viglione, CEO of Horizen Labs informed crypto.information. “The fact this has been confirmed is a positive step forward. The fact it’s using self-sovereign identity technology is also a positive step.”
World Cellular Chain, the infrastructure supporting the mission, is designed to facilitate blockchain adoption amongst European companies. As a Layer 3 protocol on Base, it supplies scalability and effectivity for decentralized purposes.
The digital ID answer will permit firms to implement blockchain-powered identification verification with out compromising privateness.
Viglione emphasizes the significance of privateness in digital identification methods, stating that: “Users need privacy and security guarantees. Any digital ID scheme should be using zero-knowledge proof technology to ensure data remain ‘usable but invisible.’”
The product is anticipated to streamline digital entry throughout varied sectors whereas giving customers higher management over their on-line identities.
