Cryptocurrencies

The European Commission announced that it has selected Iota’s Web3 definition solution for commercialization

The European Commission has announced that it has selected Iota’s Web3 identification solution for its current edition of the European Blockchain Sandbox Initiative (EBSI).

On June 13, the European Commission announced the selected participants for the second group of the EBSI. Among those selected was Iota, an open source distributed cryptocurrency ecosystem.

Iota’s selection highlights its Web3 ID solution, developed in collaboration with Walt.id, IDnow, Bloom Wallet and HAVN.

Iota said this choice was an important step in resolving his identity.

“This opens the door for regulatory discussions around KYC and privacy in the Web3 environment. “This is particularly important now, as many regulators consider their approach to decentralized finance (DeFi).”

EBSI was launched in 2023 by the European Commission to serve as a testing ground for distributed ledger technology (DLT) solutions across multiple industries.

Each group includes no more than 20 projects, which then benefit from a controlled environment for testing and validation, as well as opportunities for direct dialogue with regulators across the EU.

Sand Projects

In addition to Iota, selected projects include RealEstate.Exchange (REX) DigiShares, documents and business-focused blockchain DoxyChain, smart contract and blockchain security analytics project Hacken, and knowledge infrastructure project focused on the Origintrail AI.

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The use case for Iota’s Web3 ID solution attempts to reform the traditional way of implementing Know Your Customer (KYC) processes, which are often hampered by inefficiency, high costs and privacy concerns.

The solution is to implement a reusable KYC system via DLT and tokenization to improve both security and user control over personal data.

According to the developer, the process begins with remote identification carried out by IDnow, which ensures the user’s compliance with European anti-money laundering (AML) and KYC regulations.

Digital Identity Solutions

In the case of Iota’s Web3 ID solution, the verified identity is tokenized and stored in the user’s wallet as a token that can be used in different Web3 applications to verify identity without revealing personal information.

This comes at a time when the European Union is actively seeking to implement a digital identification system. On May 21, it updated the European Digital Identity Regulation (EUDI), first published in February 2023, with requirements for full implementation by 2026.

It requires member states to provide at least one EU digital identity wallet to all citizens and residents.

A digital ID wallet is designed to electronically sign and store documents, from college diplomas to train tickets. This is the next evolution in the way European citizens live and work.

Some ideas for its creation and implementation have already been discussed, such as the potential use case of zero-knowledge proofs.

Although the TON blockchain ecosystem is not limited to Europe, it has allocated $5 million in Toncoin tokens to incentivize users to verify their identity using cutting-edge palm scanning technology – which indicates a trend in the industry to find a solution to digital identity in an increasingly digital world.

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