European Innovation Council awards $ 5 million to six Blockchain projects
A Dutch project that combats fake news with blockchain wins the European Commission’s “Blockchains for Social Good” award.
A technology unit of the European Commission has awarded millions of dollars to various blockchain projects in an effort to support the use of blockchains in socially beneficial ways.
The European Innovation Council, or EIC, has awarded 5 million euros ($ 5.6 million) to six blockchain initiatives within its “Blockchains for Social Good” program.
Announcing the news on Tuesday, the EIC noted that the award is intended to promote blockchain development in areas of traceability, fair trade, financial inclusion, and decentralized circular economy.
Award-winning startups include Dutch content authenticity firm WordProof, British startup PPP, Finnish GMeRitS, Oxfam OXBBU Unlocked Cash Project, French e-commerce platform CKH2020, and Italy-based digital market project PROSUME.
All the winners have submitted their projects in open source. The EIC noted the following:
“It is worth noting that one of the requirements of the Award was to present solutions developed in Open Source. This will allow more innovators to benefit from the advanced technology solutions developed by the prize winners and other Prize participants. “
Blockchain application areas turned out to be broader than EIC expected
According to the announcement, a total of 176 participants have applied for the award program since it opened in May 2018. Applications came from 43 countries, of which 19 came from outside the European Union, the EIC said.
Closed on September 3, 2019, the program originally sought to award € 1 million to five projects in five different areas of social innovation, the organization noted. However, the EIC ultimately decided to fund six projects, extending the scope of the Award to six different areas and dividing the fifth award equally, the organization explained.
Winner specializes in using blockchain against fake news
WordProof, the first project on the EIC winners list, tweeted that the project received a prize of one million euros. “The European Commission just rewarded WordProof with € 1,000,000 by winning the” Blockchains for Social Good “contest,” wrote the Amsterdam-based startup.
Committed to combating plagiarism and fake news with the help of blockchain, WordProof recently received € 275,000 ($ 308,700) funding from the Noord-Holland Innovation Fund for the development of technologies to better protect data on the Internet.
The European Innovation Council was launched by the European Commission to support “high-risk, high-impact ideas, turn science into new business” and accelerate innovation. Launched in 2017, the EIC is currently in the pilot stage and is expected to be fully implemented in 2021. Recently, the head of the EC’s blockchain and digital innovation unit, Pēteris Zilgalvis, highlighted the uses of blockchain technology in communication between member states and the promotion of cryptography and innovation.
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