{"id":22783,"date":"2024-06-13T22:35:46","date_gmt":"2024-06-13T19:35:46","guid":{"rendered":"https:\/\/coinengineer.io\/?p=22783"},"modified":"2024-06-13T22:23:28","modified_gmt":"2024-06-13T19:23:28","slug":"iota-web3-id-solution-joins-eu-commision","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/iota-web3-id-solution-joins-eu-commision\/","title":{"rendered":"Iota&#8217;s Web3 ID Solution Joins EU Commission&#8217;s EBSI"},"content":{"rendered":"<p>For the present <a href=\"https:\/\/ec.europa.eu\/digital-building-blocks\/sites\/display\/EBSI\/Sandbox+Project\">European Blockchain Sandbox project (EBSI)<\/a>, the European Commission declared the <strong>Iota&#8217;s<\/strong> Web3 Identification solution of choice.<\/p>\n<p>The EU Commission revealed on June 13 the chosen members of the second cohort for its EBSI. One of the selected is <strong>Iota<\/strong>, an open-source distributed ledger and cryptocurrency ecosystem.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/iota-web3-id-solution-joins-eu-commision\/#Iotas_Web3_ID_Solution\" title=\"Iota&#8217;s Web3 ID Solution\">Iota&#8217;s Web3 ID Solution<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/iota-web3-id-solution-joins-eu-commision\/#EU_Commissions_EBSI\" title=\"EU Commission&#8217;s EBSI\">EU Commission&#8217;s EBSI<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Iotas_Web3_ID_Solution\"><\/span>Iota&#8217;s Web3 ID Solution<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The choice of <strong>Iota<\/strong> emphasizes its Web3 ID solution, created in association with Walt.id, IDnow, Bloom Wallet, and HAVN.<\/p>\n<p><strong>Iota<\/strong> remarked that for its identification solution, this choice marks a major turning point.<\/p>\n<p><em>&#8220;It creates the avenue for debates on KYC and privacy in a Web3 environment among regulations. This is particularly pertinent today because some authorities are debating their strategy for distributed finance (DeFi).&#8221;<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"EU_Commissions_EBSI\"><\/span>EU Commission&#8217;s EBSI<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Launched by the EU Commission in 2023, the EBSI is a testing environment for distributed ledger technology (DLT) solutions spanning many sectors.<\/p>\n<p>Every cohort consists of no more than twenty initiatives, which are then given a controlled environment for testing and validation in addition to chances to interact personally with European authorities from all throughout the EU.<\/p>\n<p>Along with <strong>Iota<\/strong>, chosen initiatives include the RealEstate.Exchange (REX) DigiShares, the documents and business-oriented blockchain DoxyChain, the smart contract and blockchain security analysis project Hacken, and the AI-centric knowledge infrastructure project Origintrail.<\/p>\n<p>Often hampered by inefficiencies, high prices, and privacy issues, <strong>Iota&#8217;s<\/strong> particular Web3 ID solution use case seeks to change the conventional Know Your Customer (KYC) process implementation technique.<\/p>\n<p>Using a reusable KYC system run by DLT and tokenization will help to improve user control over personal data as well as security.<\/p>\n<p><span style=\"color: #0000ff;\"><em>This Might Interest You: <a style=\"color: #0000ff;\" href=\"https:\/\/coinengineer.net\/blog\/federal-reserve-holds-rates-steady-amid-inflation\/\">Federal Reserve Holds Rates Steady Amid Inflation Concerns<\/a><\/em><\/span><\/p>\n<p>The developer claims that remote identification done by IDnow guarantees user compliance with EU Anti-Money Laundering (AML) and KYC rules, so starting the process.<\/p>\n<p>Regarding <strong>Iota&#8217;s<\/strong> Web3 ID solution, the confirmed identity is tokenized and kept in the user&#8217;s wallet as a soulbound token that can be used across many Web3 apps to validate identification without revealing personal data.<\/p>\n<p>This coincides with the EU working to put a digital ID system in place. Originally published in February 2023, its European Digital Identity (EUDI) rule was revised on May 21 with complete implementation requirements by 2026.<\/p>\n<p>Member states have to issue every person and resident at least one EU digital identity wallet.<\/p>\n<p><span style=\"color: #0000ff;\"><em>This Might Interest You: <a style=\"color: #0000ff;\" href=\"https:\/\/coinengineer.net\/blog\/ripple-acquires-standart-custody-for-stablecoin\/\">Ripple Acquires Standard Custody for Stablecoin Launch<\/a><\/em><\/span><\/p>\n<p>From university diplomas to rail tickets, the digital ID wallet is made for electronically signing and storing documentation. It is considered the next development in European people&#8217;s way of life and employment.<\/p>\n<p>Already, certain concepts for its development and application\u2014such as the potential use case of zero-knowledge proofs\u2014have been covered.<\/p>\n<p>Although not particular to Europe, the TON blockchain ecosystem has set aside $5 million of Toncoin tokens to reward users for verifying their identity using cutting-edge palm scanning technology, all of which points to a trend in the sector of discovering a solution for digital identity in an increasingly digital world.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For the present European Blockchain Sandbox project (EBSI), the European Commission declared the Iota&#8217;s Web3 Identification solution of choice. The EU Commission revealed on June 13 the chosen members of the second cohort for its EBSI. One of the selected is Iota, an open-source distributed ledger and cryptocurrency ecosystem. Iota&#8217;s Web3 ID Solution The choice<\/p>\n","protected":false},"author":6,"featured_media":22784,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[6830,6829,723,85],"class_list":["post-22783","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ebsi","tag-eu-commission","tag-iota","tag-web3"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Iota&#039;s Web3 ID Solution Joins EU Commission&#039;s EBSI - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/iota-web3-id-solution-joins-eu-commision\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Iota&#039;s Web3 ID Solution Joins EU Commission&#039;s EBSI - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"For the present European Blockchain Sandbox project (EBSI), the European Commission declared the Iota&#8217;s Web3 Identification solution of choice. 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