In a significant move towards enhancing data privacy and security, PwC Italy and blockchain consultancy SKChain Advisors are partnering to develop a pioneering digital identity solution for the European Union. Utilizing advanced blockchain technology, this innovative product is set to transform how individuals control their personal data.
The new digital identity framework will be built on the World Mobile Chain, a leading Layer 3 network integrated with Coinbase’s Base platform. This initiative aims to create a secure, self-sovereign identity system, allowing users to manage their personal information independently, without reliance on centralized authorities.
This project aligns with the EU’s Digital Identity Wallet, introduced under the eIDAS 2.0 regulation, which seeks to standardize digital identity across member states. PwC Italy and SKChain have conducted a comprehensive feasibility study to identify the optimal Self-Sovereign Identity (SSI) framework and are now poised to enter the development phase.
The digital identity solution is not just about personal data management; it also serves as a gateway to access both traditional and new Web3 platforms. This functionality is essential for navigating the increasingly complex digital economy while maintaining privacy and compliance with evolving regulations such as the EU’s Markets in Crypto-Assets framework.
Moreover, the SSI technology at the core of this solution addresses urgent needs within enterprises and among consumers by simplifying authentication processes and enabling secure interactions with digital asset services. As Rob Viglione, CEO of Horizen Labs, highlights, the confirmation of blockchain’s involvement in the EU’s digital identity scheme marks a positive step forward for security and privacy standards.
The World Mobile Chain’s infrastructure is specifically designed to encourage blockchain adoption across European businesses, facilitating compliance without sacrificing user privacy. Experts assert that effective digital ID frameworks must prioritize privacy, suggesting the integration of zero-knowledge proof technology to ensure data remains ‘usable but invisible’ to third parties, thereby enhancing users’ trust in digital identity systems.
As this initiative unfolds, it promises to streamline access across various sectors, empowering users with greater control over their digital identities in a secure and efficient manner. As we enter a new era of digital identity solutions, PwC Italy and SKChain are setting the groundwork for a more self-sufficient and decentralized future.
