- The European Identity Wallet is set to transform identity verification by allowing users to log in to websites without the need for passwords, while sharing verified information with ease.
- The integration of Self-Sovereign Identity (SSI) and decentralized identifiers (DIDs) is seen as a key step in combating these issues, with organizations like IOTA and Impierce Technologies leading efforts.
The implementation of the European Identity Wallet is nearing 2026, with several organizations exploring its potential while focusing on user authentication. This wallet will revolutionize identity verification by offering users a secure and seamless way to confirm their identity with greater certainty. The IOTA Foundation is one of the key organizations working towards making the European Identity Wallet project a success.
Along with user authentication, Self-Sovereign Identity (SSI) has been gaining traction in the B2B sector, particularly in trade and finance. Furthermore, the European Identity Wallet currently lacks support for organizational identification. Thus, its correct usage can help restore trust in digital spaces by combating crypto scams and frauds.
With the upcoming eIDAS 2.0 regulations, users will be able to log in to any complaint website using the European Identity Wallet without having to create an account or password. Furthermore, this Wallet will allow users to share verified information, including email, age, address, and contact numbers, just with a click of a button. This helps reduce customer friction while streamlining the overall eCommerce experience. The mutual authentication enabled by this process benefits both the user and the website, helping to build trust on both sides.
A Proof-of-Concept project, UniMe, seeks to get certified as a European Identity Wallet after recently updating its login flow. The user has to do domain verification to validate the identity. Furthermore, UniMe employs other trust layers, giving the user confidence that they are logging into a secure website.
IOTA Helps to Build the Trust in Digital Identity
One of the biggest challenges today is establishing trust between users, websites, and businesses, especially in a B2B environment amid the rampant spread of scam emails, fraudulent invoices, fake social media accounts, and deceptive websites. With online space facing such threats, the concept of “don’t trust but verify” is becoming even more essential.
The upcoming eIDAS 2.0 regulation and the European Identity Wallet offer a promising solution to restore trust. This regulatory shift aims to provide companies with the necessary tools to protect users, customers, and clients from online fraud. Impierce Technologies is at the forefront of this initiative, developing core technology components that allow businesses to participate in a trusted information exchange ecosystem.
The solution uses the decentralized identifiers (DIDs) of the World Wide Web Consortium (W3C) to create unique identifiers for companies. This system can operate either without blockchain using did: web or be published to blockchain platforms such as EBSI or IOTA, enhancing trust in the verified identity, as reported by CNF.
Furthermore, according to the CNF report, the European Sandbox Initiative selected IOTA’s Web3 ID solution earlier in June.
