European Innovation Council Prize on Blockchains for Social Good Awards €5 million to Six Winners Centered on Monetary Inclusion, Renewable Vitality, Different Tasks

The European Innovation Council (EIC) Prize on Blockchains for Social Good has reportedly awarded €5 million to 6 winners, who have been chosen based mostly on their potential to develop scalable, “deployable” and “high-impact” blockchain or distributed ledger tech (DLT) options for addressing societal challenges.

As famous within the announcement, the profitable options suggest DLT purposes for conducting honest commerce and supporting a round financial system, which goals to supply better transparency in manufacturing processes and high quality data. These blockchain-enabled purposes additionally goal to extend accountability whereas supporting monetary inclusion and renewable vitality initiatives.

The acknowledged objective of the EIC (European Innovation Council) Prize on Blockchains for Social Good was to establish and assist the efforts of software program builders and civil society in trying into the purposes of DLT to handle widespread social issues.

The Prize proposed to cowl a number of totally different areas comparable to traceability and performing honest commerce; enabling monetary inclusion; supporting decentralized round world economies; sustaining transparency in public processes; collaborating in democratic decision-making processes; and the efficient administration of public data.

The Prize aimed to award €1 million to 5 revolutionary or high-potential blockchain tasks (however then ended up handing out awards to 6 tasks).

Maria Gabriel, Commissioner for Innovation Analysis, Tradition, Schooling and Youth acknowledged:

“The proposed options present how blockchain can create constructive social change by supporting honest commerce, growing transparency in manufacturing processes and e-commerce and contributing to monetary inclusion by exploring decentralized financial constructions.”

Thierry Breton, Commissioner for the Inner Market remarked:

“Participation from 43 international locations within the Prize on Blockchains for Social Good has proven us the potential to handle native and world challenges with blockchain know-how…Europe has to totally acknowledge and assist European technological improvements to handle each industrial and sustainability challenges.”

The “High quality content material” winner was WordProof, which created the WordProof Timestamp Ecosystem, a know-how that may “show authenticity” and “make data verifiable, which finally could be resulting in extra belief in web content material.”

The “Traceability & Truthful Commerce” winner was PPP, which created Proof Factors to “permit companies to show their social influence throughout the availability chains behind their enterprise and merchandise.”

(For extra particulars on the opposite profitable purposes, test right here.)