PWC Italy and Blockchain Consultancy Skchain advisors develop a digital identity solution for the European Union using blockchain technology.
The product, built on the global mobile chain, a Layer 3 network on the basis of Coinbase, is intended to offer a safe, self-sovereigned identity framework with which users can control their personal data without trusting centralized authorities.
The initiative fits in with the European digital identity portion that was introduced under the EIDAS 2.0 regulation, which aims to standardize the digital identity in the EU, shared according to a press release with crypto.news.
PWC Italy and Skchain advisers have completed a feasibility study to determine the optimal SSI framework and now continue to develop.
The solution will act as a gateway for users to access both traditional and web3 platforms.
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Data privacy and security
SSI technology gets a grip as a way to improve the privacy and security of data and at the same time meet regulations such as the EU markets in the framework of crypto-assets.
According to a company in the field of company, the new digital identity product will support authentication, verification and interactions with digital assets services.
It is expected that this will help companies and consumers in navigating through an ever -digital economy and at the same time guarantee compliance with evolving regulatory standards.
“It has long been talking about whether the digital identity schedule of the EU would use blockchain,” Rob Viglione, CEO of Horizen Labs told Crypto.news. “The fact that this has been confirmed is a positive step forward. The fact that the self-sovereign identity technology is also a positive step.”
World Mobile Chain, the infrastructure that supports the project, is designed to facilitate the acceptance of blockchain at European companies. As a layer of 3 protocol on the base, it offers scalability and efficiency for decentralized applications.
With the digital ID solution, companies can implement blockchain-driven identity verification without jeopardizing privacy.
Viglione emphasizes the importance of privacy in digital identity systems and explains: “This is not the privacy and security guarantee that users need. Every digital ID schedule must use zero-knowledge proof technology to ensure that data remains ‘usable but invisible.'”
The product is expected to make digital access through different sectors to streamline and give users more control over their online identities.
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