PwC Italy and SKChain Advisors Partner to Develop EU Blockchain Digital Identity Product

PwC Italy has joined forces with SKChain Advisors to develop a blockchain-based digital identity product designed for use within the European Union. This product aims to provide European companies and their customers with a secure means of accessing digital platforms, including those in the emerging Web3 landscape. The collaboration leverages PwC Italy's extensive expertise in digital transformation and SKChain Advisors' proficiency in blockchain technology to create a robust and scalable solution.

The digital identity product is built on World Mobile Chain, a layer-3 network constructed on Coinbase's Ethereum layer-2 Base. It utilizes self-sovereign identity (SSI) technology, which is a decentralized form of identity that gives users full control over their data, eliminating the need for third-party intermediaries. Blockchain technology underpins SSI by allowing users' data to be distributed and stored securely, thereby removing the need for centralized identity providers.

The foundation for this product is the EU's digital identity regulation, eiDAS 2.0, and the European Digital Identity (EUDI) wallet it introduces. EiDAS aims to establish an EU-wide digital identity framework for accessing services and making electronic transactions. This framework is designed to enhance security and privacy for users interacting with digital services, ensuring that user data is stored securely and can be accessed only by authorized parties. This approach not only protects sensitive information but also streamlines the process of verifying identities across various digital platforms.

The integration of blockchain technology is expected to significantly reduce the risk of data breaches and fraud, thereby fostering trust among users and service providers. The collaboration between PwC Italy and SKChain Advisors underscores the growing importance of blockchain technology in the digital identity space. As more businesses and individuals rely on digital platforms for their daily activities, the need for secure and efficient identity verification solutions has become paramount. The collaboration aims to address this need by providing a comprehensive digital identity product that meets the stringent security requirements of the EU.

The development of this product is part of a broader trend towards digital transformation in the EU. Governments and businesses across the region are increasingly recognizing the potential of blockchain technology to revolutionize various sectors, including finance, healthcare, and supply chain management. The EU's focus on digital identity is particularly noteworthy, as it seeks to create a unified digital market that facilitates seamless transactions and interactions across borders.

The partnership between PwC Italy and SKChain Advisors is expected to yield a product that not only meets the current needs of the market but also anticipates future developments in the digital identity space. By leveraging the latest advancements in blockchain technology, the product aims to provide a scalable and adaptable solution that can evolve with the changing landscape of digital services. This forward-thinking approach is likely to position the product as a leader in the digital identity market, attracting the attention of businesses and consumers alike.

The collaboration also highlights the importance of collaboration in driving innovation in the blockchain space. By combining the expertise of PwC Italy and SKChain Advisors, the collaboration is poised to deliver a product that sets new standards for digital identity solutions. The success of this initiative is likely to pave the way for further collaborations between traditional consulting firms and blockchain technology providers, fostering a more integrated and innovative approach to digital transformation.