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EU announced a contest - "Blockchain for social good"

The European Commission is looking for candidates to participate in a new competition for the development of blockchain - the main prize is €5million.

10.Nov.17 11:26 AM
By Daria Zaytseva


EU announced a contest - "Blockchain for social good"

The executive body of the European Union disclosed the details of blockchain contest this week, entitled "Blockchain for social good," which was first announced in August. To participate in the competition, those who can offer solutions to public issues are invited, using the technology to ensure greater transparency and decentralization.

Winners must have a clear social impact, be decentralized, ensure transparency, and continue to be useful and scalable, according to the contest website. The commission particularly hopes for the use of a new distributed ledger technology (DLT), which can demonstrate viable use cases, according to the page.

A key component of any solution must be transparency, according to the website. Citizens of the EU must be able to determine what the commission is doing within its administrative and production processes.

Using blockchains to increase transparency has been a consistent priority for the commission. Last year, in August, the organization’s vice president, Valdis Dombrovskis said that the body was building a "Financial Transparency Gateway" to make available the data companies share with national databases.

Any legal person or entity can apply for entries to the contest, regardless of whether they are based in the EU or not. Applications must be submitted by mid-2019. The winner will be announced in early 2020.

The contest adds the management of the economic block, which has already committed to support technology. The EU has already invested more than €5 million in blockchain startups, having financed recently, at least six companies within its Horizon-2020 initiative.

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