The European Union (EU) Commission is striving to involve blockchain technology and Web3 solutions in different industries. In a recent announcement on June 7, the blockchain service provider, Protokol, has revealed its collaboration with EU’s EBSI VECTOR Project. The collaboration aims to develop a novel blockchain-based decentralized framework for exchanging and verifying credentials across the borders of EU nations.
Protokol is an organization known for building decentralized applications (dApps), Web3 solutions, and products. The firm announced the exciting news of their partnership with the EU on their official Twitter handle, today.
Protokol are excited to announce our selection by the EU_Commission pentru @EU_EBSI VECTOR project. An EU funded project creating a secure, decentralised framework for exchanging & verifying digital credentials across borders… https://t.co/ag6C2hIqcX#Blockchain # Web3 #EBSI
— Protokol (@HelloProtokol) 8 Iunie, 2023
The groundbreaking collaboration will make it simpler for EU citizens to have their educational and professional credentials (e.g., diplomas, work experiences) recognized and verified across borders. Moreover, using the blockchain technology, the partnership aspires to enhance the efficiency and security of the credential verification process.
This project with Protokol works as a part of the larger EU’s long-term blockchain strategy, European Blockchain Services Infrastructure (EBSI) initiative. The broader plan works with an aim to construct a more open, secure, trusted and interoperable framework for various blockchain-based services in Europe and beyond.
It is worth mentioning that this project works under the consortium of partners all across Europe, including academic institutions, research organizations, and technology companies. The knowledge and expertise of all these partners are leveraged to ensure the success of this project.
Exploiting Blockchain Technology Across EU
As per the announcement, the expertise of Protokol in the blockchain technology will be utilized to “deliver crucial elements of the credential verification solution.” The firm, in addition, will also cover certain technical aspects of the project including development of an open-source reference wallet. These wallets will facilitate the interactions between EBSI and the legal entities responsible for issuing and verifying the credentials.
Moreover, the blockchain expert will also contribute to the development of holder wallets that will enable the EU citizens to store and use their digital credentials with ease. The unmatched experience of Protokol in user-friendly design will be also exploited to develop the cross-border user journey.
Speaking about the goals and scope of the collaboration, Lars Rensing, CEO of Protokol noted, “Our involvement in the EBSI VECTOR Project aligns closely with our broader missions to create scalable and interoperable blockchain solutions that drive innovation and charge.”
The announcement also stated the project’s scope will gradually expand to create a scalable solution to incorporate other EU initiatives, such as EUeID. This will help in developing additional solutions to facilitate smoother interactions between individuals and organizations spanning across the EU.
Daniël Du Seuil, Convenor European Self Sovereign Identity Framework (EBSI) at the EU Commission, also shared his optimistic outlook on this endeavor. He said, ”We’re excited to have Protokol onboard the EBSI VECTOR project. Their profound blockchain and Web3 expertise will be invaluable in our mission to enhance the digital credential verification process.”
Andrew este un dezvoltator blockchain care și-a dezvoltat interesul pentru criptomonede în timpul absolvirii sale. El este un observator pasionat al detaliilor și își împărtășește pasiunea pentru scris împreună cu a fi dezvoltator. Cunoștințele sale backend despre blockchain îl ajută să ofere o perspectivă unică scrisului său
Source: https://www.thecoinrepublic.com/2023/06/10/transforming-digital-credential-verification-with-blockchain/