Can Blockchains Really Solve Social Issues? The EU Thinks So.
Earlier today, the European Commission awarded 6 different blockchain projects. The different six projects shared a prize of 5 million EUR, totaling their winnings to 833,333 EUR each. In addition to their cash prize, being recognized by the EU as a top crypto project, adds extra legitimacy and prestige.
The six winners received awards for different categories.
Wordproof - Quality Content Winner
A token based on EOS' blockchain, Wordproof guarantees the source of any document or article by timestamp. This helps content creators avoid plagiarism and or theft with blockchain proof. Wordproof will be used as a browser plugin.
PPP - Fair Trade & Traceability Winner
A supply chain platform, Provenance has a unique twist to it. It allows businesses to prove that they are ethical and show their social impact in a transparent matter.
GMeRitS - Financial Inclusion Winner
A project founded by Aalto University in Finland, its name stands for Generalised Merits for Respect and Social Equality. Essentially it is a large experiment with alternative economic structures.
CKH2020 by Kleros - Decentralized Circular Economy Winner
This is an interesting application by Kleros which allows users to dispute transactions. This process is done via a 'court' of Kleros holders who will decide who to award the disputed funds.
Prosume - Energy Award Winner
An autonomous and decentralized marketplace for energy trading. The platform targets producers of renewable energy to trade energy credits on the platform.
There were over 176 different applications to this competition from 43 countries. The competition took over 2 years, with applicants registering in 2018 and went through a strident selection process. The applicants were later reduced to 23 finalists and later, the 6 winners.
It seems to be indicative of government interest in
blockchain technology, at least within the EU. Competitions such as this might
help projects gain exposure and push blockchain technology further.Perhaps the EU is correct, and we will see blockchain technology solve deep-rooted as well as financial issues in our society.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado