PwC Italy, alongside blockchain consultancy SKChain Advisors, is crafting a digital identity solution for the European Union leveraging blockchain technology.
This solution, built on the World Mobile Chain—a Layer 3 network on Coinbase’s Base—aims to establish a secure, self-sovereign identity framework that empowers users to manage their personal information independently of centralized authorities.
The project is in line with the European Digital Identity Wallet introduced under the eIDAS 2.0 regulation, which seeks to standardize digital identity across the EU, as indicated in a recent press release.
Having completed a feasibility study to identify the most effective self-sovereign identity (SSI) framework, PwC Italy and SKChain Advisors are now advancing to the development phase.
This solution will serve as a portal for users to connect with both traditional and Web3 platforms.
Data Privacy and Security
SSI technology is being increasingly recognized for its potential to enhance data privacy and security while adhering to regulations such as the EU’s Markets in Crypto-Assets framework.
A company statement highlights that the forthcoming digital identity solution will facilitate authentication, verification, and engagement with digital asset services.
This development is anticipated to assist businesses and consumers in navigating a progressively digital economy, all while ensuring compliance with emerging regulatory requirements.
“There has been ongoing discussion about whether the EU’s digital identity initiative would incorporate blockchain,” remarked Rob Viglione, CEO of Horizen Labs. “The confirmation of this is a significant advancement, especially since it employs self-sovereign identity technology.”
The World Mobile Chain, which underpins this endeavor, is intended to promote blockchain integration among European firms. As a Layer 3 protocol on Base, it offers scalability and efficiency for decentralized applications.
The digital ID solution will enable organizations to adopt blockchain-based identity verification while maintaining user privacy.
Viglione underscores the necessity for privacy in digital identity systems, noting that: “This is not the privacy and security assurance that users require. Any digital ID system should utilize zero-knowledge proof technology to guarantee that data remains ‘usable but invisible.’”
This product is projected to enhance digital access across multiple sectors, granting users greater authority over their online identities.