The technological unit of the European Commission, the European Innovation Council, approved resources in the order of 5 million euros for the financing of several technological projects based on blockchain.
The announcement was recently announced by the European Commission after holding the event Blockchains for Social Good, in which a total of 6 participants were winners. During the event, participants had to present technological proposals based on blockchain to provide feasible solutions that enable positive development and collective improvement in society. Thus, among all the proposals presented, a total of 6 participants were the winners, who will now receive financing for the development of their projects for the benefit of the community in general.
The European Commission announced that its technological unit, the European Innovation Council, will grant a total of 5 million euros to finance the winning projects. The winning proposals are focused on improving and guaranteeing fair trade, a decentralized economy, guaranteeing fair and transparent production processes and encouraging financial inclusion throughout society.
It may interest you: The growth of investments in blockchain by Spanish companies continues
Blockchains for Social Good
The blockchain event, in which 176 technology and innovation companies from around the world participated, began in 2018 and ended in November 2019, and after several reviews by experts, the winning proposals were chosen on June 30. Blockchains for Social Good It was carried out with the aim of companies presenting feasible initiatives focused on the improvement and progress of society. We well know that blockchain technology has incredible properties capable of enhancing and improving various sectors of our current society, hence the focus of the European Innovation Council on holding this event.
The 176 companies participating in this event come from 43 countries, among which 19 were participating countries outside the European Union. For its part, initially the program was intended to choose 5 winners among the participants, who would receive 1 million euros each, however due to the quality of the various proposals presented, the European Innovation Council decided to choose 6 winners and give 1 million euros as a prize to the first 4 places, while the fifth and sixth places will receive a total of 500 thousand euros each.
Winning proposals for social development
The first place was obtained WordProof, a Dutch content authenticity company that focused its project on combating plagiarism and the spread of false information through the media. WordProof's proposal received the “Quality Content” category, with a total of 1 million euros to finance and bring their project to life.
The following places were won by the companies Project Provenance Ltd, a company that provides technological services for fair and transparent supply chains; GMeRitS, a startup focused on developing solutions for the financial inclusion of societies; Oxfam, that with your project OXBBU seeks to provide social aid to victims of natural disasters using blockchain technology to guarantee transparency and reliability in all its processes; kleros, a platform focused on resolving conflicts fairly and PROSUME, a company focused on the implementation of blockchain technology to provide an automated and efficient system for energy trading.
European Commission promotes blockchain development
The European Commission has been developing plans to support innovative projects that promote the adoption of blockchain technology in the region. This development is part of a strategy that aims to position the European Union as a leader in the implementation and regulation of blockchain technology globally.
In the words of the Executive Vice President of the European Union, Valdis Dombrovskis, during his speech delivered at the closing of the conference Digital Finance Outreach 2020, Europe has all the necessary potential to position itself as a leader in the implementation of new technologies. Dombrovskis alluded to Europe's need to develop the FinTech industry, digital finance, cryptocurrencies, and blockchain technology to become a pioneer and world reference in the regulations and implementations of new technologies.
Continue reading: The European Union will implement new regulatory scope around cryptocurrencies
