EU is Getting a Blockchain-Based Digital Identity System
Noor Bazm, Cryptopolitan – SKChain Advisors, along with PwC Italy, are developing an enterprise-grade Web-3 EU digital identity product.
They are partnering up for a solution that is built using blockchain-based Self-Sovereign Identity (SSI) technology. The product will allow European companies and their customers to access digital platforms with security and compliance.
While PwC Italy has deployed blockchain solutions in various industries, SKChain Advisors has a strong track record of successfully guiding and advising projects that use Web3 technologies. Both organizations have already progressed with their plans to implement an SSI system for the European market. They will now move towards developing a product that will give access to both traditional services and Web3 platforms.
SSI is the future standard for digital identity in Web 2 and Web 3
SSI is being explored by governments, major companies, and Web 3 projects. According to PwC, it is the next evolution of digital identity. In the future, blockchain-powered identity solutions will become mainstream following the EU’s MiCA regulations, which include the EU Digital Identity Wallet.
SKChain and PwC are betting on SSI becoming the default identity standard for web 2 and web 3 apps. This will allow for enhanced data privacy in a decentralized digital future.
The financial services transformation leader at PwC, Marco Folcia, says “Digital Identity will be pivotal in revolutionizing how we secure and authenticate personal information. Folcia added that as digital identity systems like the EUDI Wallet are developed, they need to be built in a way that protects privacy, offers a great user experience, and provides transparency using blockchain technology.
Moreover, the eIDAS 2.0 regulation and EUDI Wallet will change how businesses interact with customers “while leaving users able to control their data and seamlessly access their preferred online and offline services.”
