The Italian branch of PricewaterhouseCoopers (PwC) is collaborating with SKChain Advisors, a blockchain consultancy, to create a digital identity solution for the European Union (EU).
This in-progress product will provide European businesses and their clients with secure access to digital platforms, including those operating within the Web3 space, as mentioned in a recent email announcement.
Built on World Mobile Chain, a layer-3 network that utilizes Coinbase’s Ethereum layer-2 Base, the solution will employ self-sovereign identity (SSI) technology. SSI offers a decentralized identity model, allowing users to maintain complete control over their data rather than entrusting it to third parties.
The use of blockchain technology is fundamental to SSI, as it ensures that user data can be stored and shared securely, eliminating the need for centralized identity providers.
The foundation for the product being developed by PwC Italy and SKChain is the EU’s digital identity regulation eiDAS 2.0, along with the European Digital Identity (EUDI) wallet that it introduces.
EiDAS aims to create a comprehensive digital identity framework across the EU for individuals to access services and conduct electronic transactions.