Six Blockchain Startups Win EU Award For Social Innovation

The European Innovation Council has announced the award of Euros 5 million ($5.6 million) to six blockchain-based firms on Tuesday. The six firms were chosen among 176 competing firms from 43 countries with 19 coming outside of the EU. The six firms were chosen because of their high impact blockchain solution for societal challenges bordering on circular economy to renewable energy. The award reaffirms the European Union’s recognition of the impact of blockchain technology as a tool to drive sustainability.

EU Drive on Blockchain For Social Good

The European Innovation Council’s prize on blockchain was targeted at identifying innovative blockchain strides. It was also geared towards supporting the efforts made by developers and civil society organizations in exploring the applications of blockchains in the area of social innovation. The Innovation Council proposed to fund organizations on the backdrop of traceability and fair trade; financial inclusion; decentralized circular economy; transparency of public processes; participation in democratic decision-making; and management of public records.

Following the call for the application of the award back in September2019, 10% of the proposals originated from individuals, 10% from public institutions (mostly universities, but also Red Cross, Oxfam, foundations) and nearly 80% from start-ups and SMEs. The robust application passed through two screening stages that finally saw the emergence of the six firms including WordProof, Prosume, PPP by Project Provenance Ltd, GMeRitS, OXBBU, and CKH2020 by French Cooperative Kleros.

WordProof developed the WordProof Timestamp Ecosystem, a technology able to prove authenticity and to make information verifiable, which ultimately would be leading to more trust in internet content. Prosume pitched its unique DLT platform that helps optimize peer-to-peer digital marketplace for energy trading. PPP was recognized for its Proof Points system that allows businesses to prove their social impact across the supply chains behind their business and products. 

GMeRitS earned the award for its wide-scale experiments with alternative economic structures, to try and evaluate various anti-rival compensation and governance structures, contributing to financial inclusion. OXBU pioneers a decentralized model to address the global challenge of delivering international aid to disaster-affected women and men in ways that are more efficient, transparent, and sustainable, and CKH2020 helped develop a blockchain platform for resolving consumer disputes in e-commerce or collaborative economy.

Pitching Blockchain to Drive Global Economy and Sustainability

The backing of inter-governmental organizations on the adoption of blockchain has gained traction over the years. In 2019, the World Economic Forum (WEF) noted that Stablecoins and the technology underlying them will be the building blocks of a more sustainable, inclusive, and resilient global financial system. On the part of sustainability, the United Nations Development Program explored blockchain technology to conserve Kazakhstan’s forest landscape. The E.U Innovation Council’s blockchain award is a compliment to the growing adoption of blockchain technology.