European Innovation Council Announced to Win $5.6 Million to 6 Blockchain Projects

European Innovation Council Announced to Win $5.6 Million to 6 Blockchain Projects
European Innovation Council Announced to Win $5.6 Million to 6 Blockchain Projects

The European Innovation Council (EIC) announced the winners for a multi-million dollar award on June 30, where six blockchain ventures were taken for the “Blockchain for Social Good” program.

Every champ is set to get 1 million euros to facilitate their turn of events and examine the task. Initially, the EIC was supposed to choose just five champs, yet made a particular case for two activities to share the last winning opening, similarly parting the 1 million euro prize between them.

It took two years for the award to be granted with the EIC tolerating applications in May 2018. These winners were chosen from a pool of 176 applications traversing across 43 nations.

“The objective of the EIC (European Innovation Council) Prize on Blockchains for Social Good was to observe and sustain the efforts made by designers, and traditional society is investigating the utilization of blockchains in the zone of social advancement.

The Prize offered to cover territories, for example, detectability and reasonable exchange; money related consideration; decentralized round economy; straightforwardness of open procedures; investment in popularity based dynamic; and the executives of public records,” the declaration peruses.

The first winning application has a place with a Dutch startup called WordProof in the Quality Content classification. Representing considerable authority in the verification of substance on the Internet when false news and unconfirmed data are spread quickly on the net, the group behind the task may offer their item as a free internet browser module sooner rather than later.

“Cooperation from 43 nations in the Prize on Blockchains for Social Good has demonstrated us the possibility to address nearby and worldwide difficulties with blockchain innovation that offers decentralized trusted and straightforward arrangements.

Europe needs to completely perceive and bolster European mechanical developments to address both modern and maintainability challenges,” Thierry Breton, Commissioner for the Internal Market shared.