The EU is set to launch a Digital ID wallet for use within the bloc.
Speculations abound with IOTA likely to power the EU ID Wallet.

According to a recently passed vote by the bloc’s parliament last month, the European Union is set to launch a digital Identity wallet for its citizens and residents. As reported by CoinTelegraph, the vote to create the EU-wide ID Wallet passed 418 to 103 (with 24 abstentions) in favor of creating the new wallet.

There are many talking points as far as the proposed wallet is concerned; one of these involves the technology underpinning it. Based on the alignment of the IOTA protocol within the EU digital ecosystem, there are speculations that the wallet may be built on the distributed ledger protocol.

IOTA is designed for mass adoption and notably, the protocol is not a typical blockchain technology. IOTA’s proprietary technology is known as Tangle, a system of nodes that confirm transactions. The foundation behind this platform says this offers far greater speeds than conventional blockchains — and an ideal footprint for the ever-expanding Internet of Things ecosystem.

According to earlier reports by Crypto-News Flash, IOTA has been tipped as a protocol that can help advance many of the core demands of society as it can enable multiple functionalities via a highly secure environment.

The EU ID Wallet will serve many purposes for citizens if eventually launched. It will serve as a one-stop shop for many identification purposes for residents across EU countries. There are speculations that the guiding regulations will also make provision for member states to make the use of the wallet mandatory in areas where public services are rendered.

Experts believe the new initiative will receive massive embrace if appropriate use cases are made to accompany it. 

“If adoption among citizens in Europe is ensured through security and usability, relevance through a high number of possible uses and interoperability of different applications throughout Europe,” said Clemens Schleupner, policy officer of digital identity and trust services at Germany’s digital association Bitkom in an interview with Cointelegraph.

Beyond IOTA, Core Privacy Concerns for the EU ID Wallet

While the role of IOTA and other DLT protocols are still in review with respect to the proposed EUID wallet that is set to be launched, other key concerns bothering on privacy must also be factored in.

The recent shifts to digital currencies and the associated blockchain technologies we have seen in recent times is hinged on giving adequate control to users. Although there are promises that the EU ID wallet will give control to users, the fact that it might be centrally controlled might make EU residents doubt the veracity of the claims.

“What is necessary is a central anchor of trust enabling the enforcement of rules for the protection of individuals. For example, the infrastructure must be designed so that all organizations participating in the system must register to ‘identify’ themselves to users,” said Christof Stein, spokesperson for Germany’s Federal Commissioner for Data Protection and Freedom of Information (BfDI).

Building trust, and employing the right technology will remain a key push to show how much the government plans to cede control of data to users directly.

Der Beitrag IOTA: Europe digital ID wallet for every essential service – Will it be based on the tangle? Report erschien zuerst auf Crypto News Flash.

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Filed under: Bitcoin - @ April 9, 2023 2:54 pm