The European Commission has taken steps to implement the cross-border verification of educational and professional qualifications.
In a press release on June 7, Protokol, a provider of Web3 and blockchain solutions, disclosed a partnership with EBSI Vector, a project sponsored by the European Union to develop a decentralized framework for cross-border verification.
The initiative will take advantage of blockchain technology to create an upcoming credential verification solution that will make it easier for EU residents to have their credentials recognized and acknowledged abroad.
The objective, according to Protokol CEO Lars Rensing, is to build a digital infrastructure that is more open, safe, and decentralized for the EU and beyond.
"We think that blockchain and Web3 technology have great potential to change many different industries and get them ready for the future."
To store and utilize their digital credentials, EU residents will receive a Protokol-created digital wallet.
The project will eventually combine other EU efforts, such as “EUeID,” for more solutions to facilitate interactions between individuals and organizations, according to the statement.
The European Blockchain Services Infrastructure (EBSI) effort, a broader project, is developing an interoperable framework for EU-wide blockchain-based services, and this work with Protokol is a component of it.
The leaders of the EU have taken the initiative to welcome and regulate new Web3 technology. Regulators passed the Markets in Crypto-Assets (MiCA) law on May 31.
MiCA was initially presented in 2020 and has since generated a lot of industry attention. The primary objective of the bill is to provide an EU-wide regulatory framework for crypto assets.