Blockchain Tech to Simplify EU Credential Verification Across Borders
The European Commission has taken a major step towards implementing educational and professional credentials that can be verified across borders. The commission announced on June 7 that it has partnered with Protokol, a Web3 and blockchain solutions provider, to create a decentralized framework for cross-border verification. The project aims to simplify the process for EU citizens to have their credentials recognized and accepted in different countries.
The project will use blockchain technology to develop the forthcoming credential verification solution. According to Protokol CEO Lars Rensing, the goal is to create a more open, secure, and decentralized digital infrastructure for the EU and beyond. EU citizens will be issued a digital wallet created by Protokol to store and use their digital credentials.
This project is part of a larger initiative called the European Blockchain Services Infrastructure (EBSI) that aims to create an interoperable framework for EU-wide blockchain-based services. EU leaders have been proactive in welcoming and regulating emerging Web3 technologies. Recently, regulators signed the Markets in Crypto-Assets (MiCA) bill into law, which creates a consistent regulatory framework for crypto assets for EU member states.
The use of blockchain technology for credential verification has several advantages. First and foremost, it eliminates the need for intermediaries such as third-party verification services. This can significantly reduce costs and time involved in the verification process. Blockchain technology also ensures that the credentials are tamper-proof and cannot be altered or falsified.
Credential verification is just one application of blockchain technology in the education sector. Blockchain technology can also be used for other purposes such as academic record-keeping, student identification, and certification. As blockchain technology gains wider adoption, it could potentially transform the education sector by reducing bureaucracy and improving transparency.
In conclusion, the partnership between the European Commission and Protokol to implement blockchain-based credential verification is a significant step towards creating a more open, secure, and decentralized digital infrastructure for the EU. The use of blockchain technology for credential verification has several advantages, including eliminating intermediaries, reducing costs and time, and ensuring tamper-proof credentials. As blockchain technology gains wider adoption, it could potentially transform the education sector by reducing bureaucracy and improving transparency.