Blockchain technology has increasingly become an essential tool in the world of digital identities. Recognizing this potential, PwC Italy and blockchain consultancy SKChain Advisors have joined hands to create a blockchain-based identity solution for the European Union, a project that aligns with the stipulations of the European Digital Identity Wallet (EUDI Wallet) under the eIDAS 2.0 regulation.
The partnership aims to construct a robust self-sovereign identity (SSI) framework that allows users to manage their personal information without the need for centralized governance entities. The system is set to utilize the World Mobile Chain platform, which operates as a Layer 3 protocol on Coinbase’s Base network. This infrastructure promises secure access to the platform for European enterprises and consumers, complete with built-in compliance with regulatory standards. The implemented blockchain authentication systems promise to enhance user access to both Web3 and traditional services.
Before embarking on the project, PwC Italy and SKChain Advisors conducted a comprehensive feasibility study to ascertain the optimal SSI framework for the European market. The proposed system is designed to facilitate authentication, verification, and digital asset service interaction in alignment with EU regulatory standards. The focus is particularly on complying with the parameters of the Markets in Crypto-Assets (MiCA) framework.
The shift towards SSI technology among a growing number of organizations stems from its ability to offer superior privacy protection and robust security measures. The EU’s EUDI Wallet and other blockchain-powered identity system policies indicate that the European regulatory environment is ready to adopt blockchain-based identity solutions as standard mechanisms. The forthcoming digital identity product is expected to offer users simplified access to various sectors while granting them complete ownership of their personal information.
The digital identity solution devised by PwC Italy and SKChain Advisors will operate as part of the World Mobile Chain, a blockchain network that facilitates decentralized applications. This Base Layer 3 protocol is set to provide enterprises with scalable and efficient blockchain identity authentication solutions.
The collaboration between PwC Italy and SKChain Advisors aims to develop digital identity frameworks that enhance EU standards. The resultant solution leverages blockchain technology to authenticate enterprise users, ensuring user privacy while complying with regulatory standards. This initiative represents a significant step forward in the quest for standardized digital identity solutions, responding to the growing demand within the European market.
