The European Innovation Council (EIC) Prize on Blockchains for Social Good has awarded €5 million to six winners selected in a call to identify scalable, deployable and high-impact blockchain solutions for societal challenges. The winning solutions propose blockchain applications for fair trade and circular economy, increasing transparency in production processes and quality information, improving accountability and contributing to financial inclusion and renewable energy.

Blockchains for Social Good

The goal of the EIC (European Innovation Council) Prize on Blockchains for Social Good was to recognise and support the efforts made by developers and civil society in exploring the applications of blockchains in the area of social innovation. The Prize proposed to cover areas such as: traceability and fair trade; financial inclusion; decentralised circular economy; transparency of public processes; participation in democratic decision-making; and management of public records.

The Prize sought to award 1 million euros to the five innovators that come up with the most promising Blockchain solutions in five different social innovation areas.

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Source: European Commission