The European Commission is making favourable attempts to establish a well-crafted digital ecosystem including blockchain technology, digital assets etc. The integration of blockchain technology beyond finance continues to progress as the European Commission is looking to implement a system that verifies education and professional credentials across borders using distributed ledger technology (DLT).
Recently, Web3 and blockchain solutions provider Protokol announced its involvement in the EBSI VECTOR project; a European Union-funded initiative aimed at creating a secure, efficient and decentralized framework for exchanging and verifying digital educational and professional credentials across borders. The project aims to create a trusted, interoperable framework for blockchain-based services across the EU.
Protokol, a project that specializes in building custom Web3 solutions, products, and decentralized applications (dApps), has announced its involvement with the EBSI Vector project, “a European Union-funded initiative aimed at creating a secure, efficient and decentralized framework for exchanging and verifying digital educational and professional credentials across borders.”
Protokol’s involvement in the EBSI VECTOR project is a testament to its expertise in blockchain technology and commitment to driving innovation and change. It will help deliver several technical elements of the project, including the development of an open-source reference wallet that will allow legal entities that issue and verify credentials to interact with EBSI.
It will also contribute to the development of holder wallets and the issuance of these to citizens, to store their digital credentials; while Protokol’s experience in user-friendly design will also be utilized in developing the cross-border user journey. To allow for the revocation and suspension of records as needed, Protokol will assist in the testing and validation of eSSIF capabilities. Protokol will also help prepare the implementation track for education businesses.
The project is being undertaken by a consortium of partners from across Europe, comprising universities, research institutions, and technology companies. This diverse consortium brings together a range of expertise and resources to ensure the success of the project.
Europe has become one of the more welcoming jurisdictions for the implementation of blockchain technology. The EU is one of the first jurisdictions to establish a comprehensive regulatory framework for digital assets with the signing of the Markets in Crypto-Assets (MiCA) bill into law on May 31.
Under the text of the legislation, the issuance of cryptocurrencies will be brought under the wing of institutional regulation, and it establishes a new regime for crypto-asset service providers across the EU’s member states. The legislation is comprehensive and far-reaching, and its implementation will be carried out in phases. Provisions related to stablecoins could come into force as soon as July 2024, while many of the other provisions won’t take effect until January 2025 at the earliest.