The European Union (EU) is betting big on blockchain—for social good.
The European Union (EU) is betting big on blockchain.
As part of its Horizon 2020 initiative, the EU has already awarded more than ¤5 million in grants to companies using the technology on various projects, such as cryptocurrency.
Now it is doubling down on those efforts.
In November, the EU announced its Blockchains for Social Good contest Click To Tweet, which challenges individuals, social entrepreneurs, civil organizations, research centers, students, hackers, startups and others “to develop scalable, efficient and high-impact, decentralized solutions to social innovation challenges leveraging Distributed Ledger Technology (DLTs),” according to European Commission’s website. The winning entry—which will receive €5 million—will demonstrate not only social impact, but also transparency and accountability, usability and inclusiveness, cost-efficiency, and clear added value for European citizens in societal, economic or environmental terms.
Entries must be submitted by the second quarter of 2019, and the winner will be announced in 2020.