There are incredibly exciting times ahead with regards to digital wallets in the EU – On February 29, 2024, the EU Parliament approved changes to the eIDAS regulations, paving the way for a unified digital identity across Europe. This regulation is set to be effective by the end of March, initiating a sequence of actions including a six-month deadline for outlining the EU Digital ID Wallet’s technical specs, with full implementation by 2026 ( where each member state needs to make a digital identity available to its residents) .
This advancement aims to provide an interoperable digital identity framework that allows individuals and businesses to securely integrate personal details such as IDs and educational qualifications into digital wallets, fostering a streamlined, digital Europe. The digital wallet is designed to be voluntary, emphasizing user control over data through technologies like zero-knowledge proofs, which ensure privacy and security by encrypting user data with a unique key. For those interested in the detail, Section 5 of the Architecture Reference Framework lists the current mandatory, optional, and possible additional attributes that are included in the eIDAS framework.
Why is it important to Covr – At Covr, we are already deeply aligned with the EU objectives, having created a digital wallet for the EU’s horizon project. Our vision is a decentralised wallet where the users is in complete control of the distribution of the attributes on the wallet, and yet it is something that is highly secure and easy to be shared securely within an interoperable digital framework.
Zero Trust First – Zero-knowledge proofs are pivotal for privacy and security in digital identities, as they enable verification without revealing underlying information. This technology allows a party to prove the possession of certain information, like an identity attribute, without exposing the information itself, thus maintaining privacy. Covr Security integrates such technologies by ensuring that users can authenticate and perform transactions securely, without compromising personal data. This approach aligns with the EU’s digital wallet initiative by bolstering trust and security, making digital interactions safer and more private.
The impact and implications – The EU digital wallet initiative holds profound implications for citizens and businesses, streamlining access to services across borders while enhancing security and privacy. For individuals, it promises greater control over personal data and simpler interactions with both public and private sectors. Businesses stand to benefit from a unified digital market, reducing friction in customer interactions and transactions, fostering trust, and potentially driving innovation in services and identity verification processes. This initiative could significantly impact how personal identity and data are managed and utilized in the digital age.
The challenges and opportunities – The EU’s digital wallet implementation faces challenges like ensuring widespread adoption, addressing the digital divide, and maintaining robust security and privacy protections. Being based in Sweden, Covr understand well what it took to move BankID from a new , hardly used initiative to something that now covers 98% of the Swedish population. We know what the opportunities look like too – including fostering a unified digital market, enhancing user control over personal data, and spurring innovation in digital services. Success hinges on balancing these aspects while promoting inclusivity and trust
Join us – As we embark on this transformative journey with the EU’s digital wallet initiative, we invite any stakeholder to reach out to us to help shape a secure and inclusive digital future. Together, let’s seize this opportunity to innovate, secure, and simplify digital identity and transactions for everyone in the EU.
