Blockchain consultancy SKChain Advisors and PwC Italy, a global leader in audit, tax, and consulting, joined forces to launch a blockchain-based digital identity solution for EU enterprises, tackling regulatory and security challenges in the region.
The move comes as companies face increasing pressure to adopt more robust digital frameworks in the wake of rising cybersecurity threats and evolving regulations.
Blockchain-Based Digital Identity Solution
The initiative aligns with the European Union’s eIDAS 2.0 regulation, introducing the European Digital Identity Wallet (EUDI-Wallet), which aims to standardize digital identity across the EU.
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The solution focuses on Self-Sovereign Identity (SSI) technology, allowing users to verify identities without relying on centralized authorities, enhancing privacy and security.
This SSI framework is expected to facilitate secure access to both traditional digital services and blockchain-based Web3 platforms.
The digital identity solution will be deployed on World Mobile Chain, a Layer 3 protocol built on the Base network.
This infrastructure is designed to support enterprises operating in the digital economy, aiming to streamline compliance for businesses leveraging blockchain-based identity solutions.
Addressing Adoption Challenges
Despite progress in EU regulations, enterprise adoption of blockchain-based digital identity solutions remains slow due to technical complexity, integration costs, and regulatory uncertainty.
SKChain Advisors and PwC Italy have completed a feasibility study to identify an optimal SSI framework for the European market.
The next phase will focus on developing a scalable solution to support Web3 identity verification for businesses.
Growing Interest in Blockchain-Based Identity
Governments and enterprises are increasingly exploring decentralized identity solutions to enhance data privacy and security.
SSI models, supported by blockchain technology, are seen as a potential successor to traditional digital authentication methods. If widely adopted, they could set a new standard for identity verification across both Web2 and Web3 applications.
Marco Folcia, partner at PwC Italy and leader in Financial Services Transformation, emphasized the importance of digital identity in shaping the future of online security.
“As digital landscapes evolve, responsible innovation is critical to ensuring privacy protection while enabling seamless user experiences.”
On The Flipside
- European regulations like MiCA and eIDAS 2.0 offer some clarity, but other jurisdictions lack digital identity frameworks. Concerns persist about balancing security and privacy, particularly with cross-border data flows.
Why This Matters
For blockchain-based identity solutions to succeed, overcoming regulatory and integration challenges is essential.
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