Blockchain for social good

This article was published on: 11/10/17 11:58 AM

Written by | blockchain, cryptocurrency

blockchain for social good

The European Union established a competition to develop blockchain technology – “Blockchain for social good.”

First of all, EU created this contest to receive new solutions for social and public issues’ innovation. Contestants should focus on the DLT (Distributed Ledger Technology) to evolve better transparency and decentralization and make social development more efficient.

DLT is a technology used in blockchains to gather and communicate information. The information mentioned, can be both static as a registry or dynamic like transactions. Moreover, this technology also has a function to secure these data.

Nowadays it is life-changing digital technology. European Union decided to make use of public attention for Bitcoin and take advantage of it – develop sustainability challenges at local and global level.

Contest: Blockchain for social good

Prize: five million euros

Participants: every legal person or entity; individuals, social entrepreneurs, start-ups, SMEs or even students

Time: until a mid of 2019

Description: Winners will be awarded for generating social life improvement by decentralizing and disintermediating processes, which can help to achieve sustainable social development. Commision puts extra attention to see a clear impact on society using Distributed Ledger Technology.

EU goal is to make their administrative and production processes more transparency for citizens. Further, this program is a continuation of building Financial Transparency Gateway, booted by Valdis Dombrovskis in August last year.

If you are interested in taking part in this contest visit the official European Commission website: https://ec.europa.eu/research/eic/index.cfm?pg=prizes_blockchains

We are convinced that it is an excellent opportunity to share blockchain technology!

 

Last modified: November 10, 2017

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