The European Commission has embarked on the implementation of cross-border validation of educational and professional credentials.
In a June 7 announcement, Web3 and blockchain solutions provider Protokol revealed a partnership with EBSI Vector, an EU-funded project to create a decentralized frame. The project will use blockchain technology to develop an upcoming credential verification solution aimed at simplifying the process for EU citizens to recognize and accept their credentials in different countries.
Protokol CEO Lars Rensing said the goal is to create a more open, secure and decentralized digital infrastructure for the EU and beyond. "We believe blockchain and Web3 technologies have enormous potential to transform a wide range of industries and prepare them for the future." EU citizens will get a digital wallet created by Protokol to store and use their digital credentials.
According to the announcement, the project will eventually be incorporated into other EU initiatives such as "EUeID" for further solutions to create smoother interactions between people and organizations. The collaboration with Protocol is part of a larger project to create an interoperator able framework for blockchain - based services across the EU, called the European Blockchain Services Infrastructure (EBSI) initiative.
EU leaders have been active in welcoming and regulating emerging Web3 technologies. On May 31, the regulator signed the Markets in Crypto Assets (MiCA) Act into law.
MiCA was first introduced in 2020 and has been a major topic of discussion in the industry ever since. The main purpose of the bill is to create a consistent crypto asset regulatory framework for EU member states. Companies in the space have been eyeing the final call for regulation. Blockchain technology platform Bakkt says it is eyeing a post-EU MiCA.
