EU to verify credentials using blockchain.

The European Commission has taken steps to implement a system where educational and professional credentials can be verified across borders.

On June 7, Protokol, a Web3 and blockchain solutions provider, announced a collaboration with EBSI Vector, a European Union-funded project that aims to create a decentralized framework for cross-border verification. The project will use blockchain technology to develop a verification solution for credentials that will simplify the process for EU citizens to have their credentials recognized and accepted in different countries.

The CEO of Protokol, Lars Rensing, stated that the goal is to create a more open, secure, and decentralized digital infrastructure for the EU and beyond.

“We believe that blockchain and Web3 technology have enormous potential to transform a wide range of industries and prepare them for the future.”

EU citizens will be issued a digital wallet created by Protokol to store and use their digital credentials. Other EU initiatives, such as “EUeID,” will also be incorporated into the project to create smoother interactions between people and organizations.

Related: Cumberland Labs unveils SaaS API for public blockchains and DeFi protocols

This collaboration with Protokol is part of a larger project called the European Blockchain Services Infrastructure (EBSI) initiative, which aims to create an interoperable framework for EU-wide blockchain-based services.

The EU has been proactive in both welcoming and regulating emerging Web3 technologies. On May 31, regulators signed the Markets in Crypto-Assets (MiCA) bill into law, following the finance minister’s final approval. The bill aims to create a consistent regulatory framework for crypto assets for member states of the EU.

Companies in the space have been anticipating the final call on the regulation. The blockchain technology platform Bakkt has stated that it is looking toward the EU post-MiCA.

Magazine: BitCulture: Fine art on Solana, AI music, podcast + book reviews