PwC Italy has partnered with blockchain consultancy SKChain Advisors to create a robust Web3 EU digital identity product.
Utilizing blockchain-based Self-Sovereign Identity (SSI) technology, this solution will enable European businesses and their customers to access digital platforms securely and in compliance with regulations.
The partners have completed a feasibility study to identify the best SSI framework for the European market and are now focused on developing a product that will serve as a bridge to both traditional services and web3 platforms.
There is a growing interest among governments, enterprises, and web3 projects in SSI as the next step in digital identity evolution. PwC highlights that the EU’s MiCA regulations, along with initiatives like the EU Digital Identity Wallet, indicate a future where regulated, blockchain-based identity systems become commonplace.
The collaboration anticipates that with increasing adoption, SSI may become the standard identity framework for both web2 and web3 applications, leading to a decentralized digital future centered around data privacy.
Marco Folcia, PwC Italia’s leader in financial services transformation, states: “Digital Identity will be key in transforming how we secure and authenticate personal information. As the digital landscape advances, responsible innovation will be essential for widespread adoption, ensuring privacy protection alongside a seamless user experience that leverages blockchain technology for enhanced data transparency.”
He adds, “eIDAS 2.0 and the EUDI wallet are poised to change the way businesses interact with customers, allowing users to control their data while easily accessing their preferred online and offline services.”