PwC Italy, SKChain to launch self-sovereign EU digital ID

PwC Italy and blockchain consultancy SKChain Advisors are growing a digital id answer for the European Union utilizing blockchain know-how.

The product, constructed on the World Cell Chain, a Layer 3 community on Coinbase’s Base, goals to supply a safe, self-sovereign id framework that permits customers to regulate their private information with out counting on centralized authorities.

The initiative aligns with the European Digital Id Pockets launched underneath the eIDAS 2.0 regulation, which goals to standardize digital id throughout the EU, based on a press launch shared with crypto.information.

PwC Italy and SKChain Advisors have accomplished a feasibility examine to find out the optimum SSI framework and at the moment are shifting ahead with growth.

The answer will act as a gateway for customers to entry each conventional and Web3 platforms.

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Knowledge privateness and safety

SSI know-how is gaining traction as a method to improve information privateness and safety whereas complying with laws such because the EU’s Markets in Crypto-Property framework.

In accordance with an organization be aware, the brand new digital id product will assist authentication, verification, and interactions with digital asset companies.

That is anticipated to assist enterprises and customers navigate an more and more digital economic system whereas guaranteeing compliance with evolving regulatory requirements.

“There was speak for a very long time about whether or not the EU’s digital id scheme would use blockchain,” Rob Viglione, CEO of Horizen Labs instructed crypto.information. “The very fact this has been confirmed is a constructive step ahead. The very fact it’s utilizing self-sovereign id know-how can be a constructive step.”

World Cell Chain, the infrastructure supporting the venture, is designed to facilitate blockchain adoption amongst European companies. As a Layer 3 protocol on Base, it offers scalability and effectivity for decentralized purposes.

The digital ID answer will permit firms to implement blockchain-powered id verification with out compromising privateness.

Viglione emphasizes the significance of privateness in digital id techniques, stating that: “This isn’t the privateness and safety assure that customers want. Any digital ID scheme needs to be utilizing zero-knowledge proof know-how to make sure information stay ‘usable however invisible.’”

The product is anticipated to streamline digital entry throughout varied sectors whereas giving customers larger management over their on-line identities.

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