The last few years have been exciting for all stakeholders involved in the implementation and use of the eIDAS toolbox. Some important milestones have been reached, and new initiatives are taking off. However, to significantly increase the uptake of eIDAS-enabled services, a three-pronged approach is needed to bolster the main growth drivers. This approach is based on the feedback received from the various respondents in a recent ENISA survey and its accompanying report.
International trade is based on the concept of trust. In situations where there isn’t some established trust, the trading parties get their respective banks involved and use various trade finance products like Letters of Credit to ensure that both sides adhere to the terms of the trade as laid out in the contract. This trust fuels global trade and countries where it can be strengthened generally tend to become the preferred trading partners over time. The focus on trust in international trade brings us to the topic of this two-part series. This article focuses on how eIDAS can help establish trust between trading partners world across the EU and worldwide.
Small and Medium Enterprises (SMEs) form the backbone of any economy. In the European Union (EU), SMEs represent 99% of all businesses and account for an astounding 85% of job growth. Providing the best environment for these SMEs to thrive and prosper thus becomes vital for any country. The EU has a tradition of promoting entrepreneurship and leads the pack regarding ease of doing business, access to finance, a strong legal framework, a robust regulatory environment, and a variety of other support structures.
The healthcare market in Europe is valued at more than USD 2 trillion and is projected to increase due to the aging population not just in the EU but also in other countries globally. Healthcare costs vary widely and have led to the growth of medical tourism. There is also significant variation in healthcare standards and expenses within the EU. Although factors such as the number of skilled practitioners and wages contribute to the high cost of healthcare, some inefficiencies can be addressed and eliminated to reduce expenses.
The eIDAS regulation sets the standard for electronic identification, electronic signatures, and trust services. It paves the way for delivering financial, public, and other services online in a more secure and reliable way than ever before.The eIDAS document and its accompanying guidelines provide extensive coverage of the technical aspects. But what are the eIDAS guiding principles?
The eIDAS Regulation lays the groundwork for creating a robust digital identity framework. The idea is to provide EU citizens with a secure, robust and universal electronic identification that they can use to access private and public services anywhere within the EU.
One sector that is lapping up the new opportunities that eIDAS offers is banking.
The European Union is leading the way in the move towards the creation of a single digital market. There are many advantages a digital business has over its more traditional counterparts that are only amplified when such businesses are allowed to operate seamlessly across multiple markets.
The European Interoperability Framework (EIF) adopted in 2017 is the primary thrust in the EU’s effort to improve the efficiency of public service delivery across its member states.
A study published in early 2018 by the European Union Agency for Network and Information Security (ENISA), revealed that 90% of the respondents believed eIDAS to be an opportunity to grow their business. It is no wonder then that recent adoption of the eIDAS framework has been gathering steam. However, there are still a number of barriers that exist when it comes to the implementation and uptake of Trust Services as defined in the eIDAS regulation. Here, we look at some of those barriers along with some key strengths of the trust services market.
