The European Union has allocated €1.8 million in grant funding to support 15 European start-ups developing blockchain technologies aimed at combating online misinformation and false identities. This funding, provided through the European Commission’s NGI TrustChain initiative, will grant each start-up up to $117,000 to address the proliferation of misinformation on platforms such as X (formerly Twitter), TikTok, and Meta.
A Diverse and Competitive Selection Process
The third cohort of grant recipients represents ten European countries and was chosen from a competitive pool of 162 applicants. To date, the NGI TrustChain initiative has invested over €4.6 million in 43 companies, reflecting the EU’s commitment to fostering technological solutions that enhance the integrity of online information.
Addressing Pressing Issues in Cybersecurity
Dr. Muttukrishnan Rajarajan, a professor and director at the Institute of Cyber Security at City, University of London, highlighted the urgency of addressing misinformation, hate speech, and online harm, especially in a year when nearly half of the world’s population is voting in elections. He noted that TrustChain start-ups are leveraging blockchain, identity, privacy, and interoperable decentralized technologies to build public confidence in online activities.
Enhancing Trust in Online Information
Sean Kane, co-founder and chair of the F6S blockchain start-up network, underscored the prevalence of fake and deceptive information, with only 60% of people trusting online information. Kane emphasized that the latest grants would empower top new European blockchain and identity start-ups to foster trusted discussions in European digital public spaces.
The Funded Start-ups
The start-ups receiving funding under the EU scheme include:
ZKorum (France)
AI-MetaBloQ (Greece)
Compellio (Luxembourg)
Forkbomb BV (Netherlands)
Enismaro (Italy)
Arsys Internet (Spain)
Acurraent UG (Germany)
In Trade 4 You (Italy)
QX by Qpick (Poland)
Digital Democracy World (Sweden)
Pavlos Efraimidis (Greece)
City and Me doo Nis (Serbia)
Gheorghe Asachi Tech, University Iasi (Romania)
SecureOpinion (United Kingdom)
Neuron AI (Greece)
These start-ups were selected based on their innovative approaches to using blockchain technology to enhance trust and security in online interactions.
EU Election Guidelines
In response to the rising tide of online misinformation, the EU introduced new election guidelines earlier this year for online search engines and social media platforms. These guidelines were implemented ahead of the parliamentary elections in June and included measures such as the establishment of internal election teams, promotion of official electoral information, and adoption of strategies to mitigate risks posed by generative AI. These steps aim to ensure the smooth functioning of the democratic process and protect the integrity of elections.
The Future of Blockchain in Combatting Misinformation
The EU’s investment in blockchain start-ups represents a significant step towards addressing the challenges of misinformation and false identities in the digital age. By supporting innovative technologies and fostering collaboration across various countries, the EU aims to create a more trustworthy and secure online environment. The continued development and implementation of blockchain solutions will be crucial in building public confidence and ensuring the reliability of online information in the years to come.