European Commission Expands Financial Support for Blockchain Startups to Fight Fake News
Date: 2024-08-02 Author: Oliver Abernathy Categories: BLOCKCHAIN
The European Commission has announced expanded financial support for blockchain startups as part of its initiative to fight fake news and increase transparency. The program, known as NGI TrustChain, provides "democratic grants" worth a total of $2 million equivalent.
Each of the selected startups, representing ten European countries, will receive a grant of €117,000 (approximately $127,000). A total of 162 applications were submitted, from which the most promising projects were selected. Since the launch of NGI TrustChain, 43 companies have already received grants worth more than €4.6 million ($5 million).
NGI TrustChain Goals and Objectives
The NGI TrustChain initiative aims to create a network of independent operators that will implement blockchain technologies in various areas of political, social and scientific activity. Grantees are required to develop solutions that will:
- Track the production process and origin of goods.
- Ensure transparency of public debate and voting.
- Protect intellectual property rights and assets.
Establishment of the European Digital Infrastructure Consortium
During the meeting of telecommunications ministers of the European Council, the creation of a new organization was announced - the European Digital Infrastructure Consortium. This organization will develop and implement a sovereign blockchain of the European Union, which has received the working title Europeum.
The expansion of support for blockchain startups by the European Commission is important for the development of technology and the fight against disinformation. The transparency provided by blockchain technologies helps to build trust in social and political processes, and protects the rights of citizens and businesses.
The European Commission continues to actively support blockchain initiatives through the NGI TrustChain program. Financial support of $2 million has been provided to create innovative solutions aimed at combating fake news and increasing transparency. A new organization, the European Digital Infrastructure Consortium, will develop and implement a sovereign blockchain, which will be an important step towards strengthening the digital sovereignty and security of the European Union.
