PwC Italy, SKChain to launch self-sovereign EU digital ID
PwC Italy and blockchain consultancy SKChain Advisors are creating a digital identification answer for the European Union utilizing blockchain expertise.
The product, constructed on the World Cellular Chain, a Layer 3 community on Coinbase’s Base, goals to supply a safe, self-sovereign identification framework that permits customers to regulate their private knowledge with out counting on centralized authorities.
The initiative aligns with the European Digital Id Pockets launched underneath the eIDAS 2.0 regulation, which goals to standardize digital identity across the EU, in keeping with a press launch shared with crypto.information.
PwC Italy and SKChain Advisors have accomplished a feasibility examine to find out the optimum SSI framework and at the moment are shifting ahead with improvement.
The answer will act as a gateway for customers to entry each conventional and Web3 platforms.
Knowledge privateness and safety
SSI expertise is gaining traction as a option to improve knowledge privateness and safety whereas complying with rules such because the EU’s Markets in Crypto-Assets framework.
Based on an organization observe, the brand new digital identification product will help authentication, verification, and interactions with digital asset companies.
That is anticipated to assist enterprises and shoppers navigate an more and more digital economic system whereas making certain compliance with evolving regulatory requirements.
“There was speak for a very long time about whether or not the EU’s digital identification scheme would use blockchain,” Rob Viglione, CEO of Horizen Labs informed crypto.information. “The actual fact this has been confirmed is a optimistic step ahead. The actual fact it’s utilizing self-sovereign identification expertise can also be a optimistic step.”
World Cellular Chain, the infrastructure supporting the venture, is designed to facilitate blockchain adoption amongst European companies. As a Layer 3 protocol on Base, it supplies scalability and effectivity for decentralized functions.
The digital ID answer will enable firms to implement blockchain-powered identity verification with out compromising privateness.
Viglione emphasizes the significance of privateness in digital identification methods, stating that: “This isn’t the privateness and safety assure that customers want. Any digital ID scheme must be utilizing zero-knowledge proof expertise to make sure knowledge stay ‘usable however invisible.’”
The product is predicted to streamline digital entry throughout numerous sectors whereas giving customers better management over their on-line identities.
