EU Launches EU-Wide Digital Wallet with ZK-Proof Tech
• The European Parliament has passed legislation that paves the way for the creation of an EU-wide digital wallet.
• The digital wallet will use blockchain technology and zero-knowledge-proof technology to provide secure and private authentication for users.
• Negotiations with the Council are expected to take place soon, leading to the implementation of the framework.
EU Parliament Passes Legislation
The European Parliament has passed a proposal for an EU-wide digital identity framework which will provide citizens with access to a range of public services while safeguarding their privacy. At the heart of this legislation is the creation of a digital wallet for each citizen, which will allow them to store and manage their digital identity. This proposed framework was supported by 418 votes in favor, 103 against, and 24 abstentions in the European Parliament’s plenary vote.
Digital Wallet Technology
To ensure that users‘ privacy is protected, this framework will incorporate zero-knowledge-proof technology. This technology allows for the verification of a position without revealing any unnecessary data, providing a secure and privacy-preserving way to authenticate users. Furthermore, blockchain technology will be used to create a transparent and secure ledger of all cryptocurrency transactions within this wallet system.
Negotiations with Council Coming Soon
With the proposal passing through the European Parliament’s plenary vote, negotiations with the council are expected to take place soon before it can be implemented as an official policy. Once finalized, citizens across Europe would have access to this secure and convenient way to interact with governmental services without sacrificing their privacy or security.
The proposed EU-wide digital identity framework is one step closer towards becoming reality after its successful passage through the European Parliament’s plenary vote. With blockchain technology at its core, it is set up to provide citizens across Europe with secure access to public services while protecting their privacy at all times through zero-knowledge proof authentication methods. Negotiations between parliament and council are expected soon before its full implementation can take place across Europe.