The European Union (EU) is currently working on a blockchain-based digital identity system, with SKChain Advisors and PwC Italy developing the enterprise-grade Web3 product. The firms are partnering for a solution that will be built using blockchain-based Self-Sovereign Identity (SSI) technology. The product is expected to allow European companies and their users to access digital platforms with security and compliance.
While PwC Italy has used blockchain solutions in many instances, SKChain Advisors has a strong record for guiding and advising projects in the Web3 industry. Both firms have already moved forward with their plans to implement the SSI system for the European market. The next step is to move forward with a product that will provide access to traditional services and Web3 platforms.
The EU wants to use SSI as the standard for digital identity
Governments across the world are exploring SSI, with major companies and Web3 projects also looking at it. According to PwC, it is the next stage of digital identity. In the future, there will be a space for blockchain identity solutions after the EU released its MiCA regulations, which includes the EU digital identity wallet.
SKChain and PwC are also betting on SSI becoming the default identity standard for Web2 and Web3 applications. This will allow enhanced data privacy in the decentralized digital world. Marco Folcia, the financial services transformation leader hailed the new technology.
“Digital Identity will be pivotal in revolutionizing how we secure and authenticate personal information,” she said. 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.”