Blockchain Forever Changes Cross-Border Credential Verification: EU’s Bold Move & Privacy Concerns

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The European Commission is gearing up to implement blockchain technology for verification of educational and professional credentials across borders. In a recent announcement, Web3 and blockchain solutions provider Protokol unveiled their collaboration with the EU-funded EBSI Vector project, which is developing a decentralized framework for cross-border credential verification. The project aims to simplify the process for EU citizens to have their credentials recognized and accepted in different countries.

The forthcoming blockchain-based credential verification solution is a step towards creating a more open, secure, and decentralized digital infrastructure for the EU and beyond. Users will be issued a digital wallet by Protokol to store and use their digital credentials. The project is anticipated to incorporate other EU initiatives, such as EUeID, to create smoother interactions between people and organizations.

On the other hand, some may argue that integrating blockchain technology for credential verification across borders could be viewed as an attempt to exert more control over the population. Government institutions have a tendency to use technology in ways that may infringe on privacy rights and personal liberties. However, blockchain technology has the potential to empower individuals and create fairer systems by providing greater transparency, decentralization, and immutability.

Additionally, the EU has been proactive in not only adopting but also regulating emerging Web3 technologies. The Markets in Crypto-Assets (MiCA) bill was signed into law on May 31, following the final approval of the finance minister. Its primary aim is to create a consistent regulatory framework for crypto assets among EU member states. Companies in the space have been keeping a close eye on the regulation, with Bakkt looking toward the EU post-MiCA as well.

While it is true that increasing use cases for blockchain technology, such as credential verification, will garner significant support, it is crucial to strike a balance between promoting innovation and providing adequate regulation. Implementing a transparent, accountable, and decentralized digital infrastructure ensures a promising future for EU citizens and beyond.

Ultimately, the EU’s move to adopt blockchain for credential verification is a step in the right direction, enabling secure, cross-border verification and recognition of credentials. However, the impact of emerging Web3 technologies should also be monitored and regulated to prevent misuse and protect user privacy.

Source: Cointelegraph

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