PwC Italy and blockchain consultancy SKChain Advisors are developing a digital identity solution for the European Union using blockchain technology. The product, built on the World Mobile Chain, a Layer 3 network on Coinbase’s Base , aims to provide a secure, self-sovereign identity framework that allows users to control their personal data without relying on centralized authorities. The initiative aligns with the European Digital Identity Wallet introduced under the eIDAS 2.0 regulation, which aims to standardize digital identity across the EU , according to a press release shared with crypto.news. PwC Italy and SKChain Advisors have completed a feasibility study to determine the optimal SSI framework and are now moving forward with development. The solution will act as a gateway for users to access both traditional and Web3 platforms. You might also like: DYDX price soars 7% amid monthly buyback program debut Data privacy and security SSI technology is gaining traction as a way to enhance data privacy and security while complying with regulations such as the EU’s Markets in Crypto-Assets framework . According to a company note, the new digital identity product will support authentication, verification, and interactions with digital asset services. This is expected to help enterprises and consumers navigate an increasingly digital economy while ensuring compliance with evolving regulatory standards. “There has been talk for a long time about whether the EU’s digital identity scheme would use blockchain,” Rob Viglione, CEO of Horizen Labs told crypto.news. “The fact this has been confirmed is a positive step forward. The fact it’s using self-sovereign identity technology is also a positive step.” World Mobile Chain, the infrastructure supporting the project, is designed to facilitate blockchain adoption among European businesses. As a Layer 3 protocol on Base, it provides scalability and efficiency for decentralized applications. The digital ID solution will allow companies to implement blockchain-powered identity verification without compromising privacy. Viglione emphasizes the importance of privacy in digital identity systems, stating that: “This is not the privacy and security guarantee that users need. Any digital ID scheme should be using zero-knowledge proof technology to ensure data remain ‘usable but invisible.’” The product is expected to streamline digital access across various sectors while giving users greater control over their online identities. You might also like: Visa-backed Rain raises $24.5m to expand stablecoin payment cards
