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A tech unit on the European Fee has awarded tens of millions of {dollars} to a number of blockchain tasks in an effort to assist using blockchains in socially helpful methods.
The European Innovation Council, or EIC, has awarded 5 million euro ($5.6 million) to 6 blockchain initiatives inside its “Blockchains for Social Good” program.
Saying the information on Tuesday, the EIC famous that the prize intends to advertise blockchain improvement in areas of traceability, truthful commerce, monetary inclusion, and decentralized round financial system.
The awarded startups embody Dutch content material authenticity agency WordProof, British startup PPP, finnish GMeRitS, Oxfam’s UnBlocked Money Venture OXBBU, French e-commerce platform CKH2020, and an Italy-based digital market mission, PROSUME.
All the winners have introduced their tasks in open supply. The EIC famous:
“It’s price declaring that one of many necessities of the Prize was to submit options developed in Open Supply. This may allow extra innovators to learn from the superior technological options developed by the prize winners and the opposite individuals within the Prize.”
Areas of blockchain functions turned out to be wider than the EIC anticipated
In accordance with the announcement, a complete of 176 individuals have utilized for the award program because it was opened in Might 2018. Purposes got here from 43 international locations, with 19 of them arriving from outdoors the European Union, the EIC mentioned.
Closed on three Sept. 2019, this system initially sought to award 1 million euro to 5 tasks in 5 totally different social innovation areas, the group famous. Nonetheless, the EIC finally determined to fund six tasks, extending the scope of the Prize to 6 totally different areas and splitting equally the fifth prize, the group defined.
The winner focuses on blockchain use towards pretend information
WordProof, the primary mission on the EIC’ winner checklist, tweeted that the mission obtained a $1 million euro prize. “The European Fee has simply rewarded WordProof with 1,000,000 euro by profitable the ‘Blockchains for Social Good’ contest,” the Amsterdam-based startup wrote.
Dedicated to combating plagiarism and pretend information with assist of blockchain, WordProof not too long ago obtained € 275,000 ($308,700) financing from Noord-Holland Innovation Fund for the event of applied sciences to higher defend knowledge on the Web.
The European Innovation Council was launched by the European Fee to assist “high-risk, high-impact concepts, turning science into new enterprise” and accelerating innovation. Launched in 2017, the EIC is at the moment on the pilot stage and is anticipated to be totally applied in 2021. Not too long ago, EC’s head of the digital innovation and blockchain unit, Pēteris Zilgalvis, highlighted makes use of of blockchain tech in communication between member states and fostering crypto innovation.
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