- EU funding of €1.8m awarded to 15 start-ups to combat misinformation with blockchain
- NGI TrustChain initiative selects start-ups from 10 European countries out of 162 applicants
- Start-ups to receive up to $117,000 each to address online misinformation on various platforms
- Focus on using blockchain, identity, privacy, and decentralized technologies to build trust in online activities
- EU introduces election guidelines for online platforms to tackle rising misinformation
EU Funding Misinformation: 15 Start-ups Leveraging Blockchain to Combat Online Falsehoods
In a bid to tackle the growing menace of misinformation on digital platforms, the European Union has allocated €1.8m in grant funding to support 15 start-ups across Europe. These innovative companies are set to employ blockchain technologies to combat online falsehoods and the proliferation of fake identities. The funding, awarded through the European Commission’s NGI TrustChain initiative, aims to empower these start-ups to address the rising challenges posed by misinformation on popular platforms like X (formerly Twitter), TikTok, and Meta.
NGI TrustChain Initiative: Empowering Start-ups to Counter Misinformation
The latest cohort of start-ups selected for the NGI TrustChain initiative represents a diverse group from 10 European countries. Chosen from a competitive pool of 162 applicants, these companies are at the forefront of leveraging blockchain, identity, privacy, and interoperable decentralized technologies to instill trust and confidence in online activities. With each start-up slated to receive up to $117,000 in grant funding, the initiative underscores the EU’s commitment to fostering a more secure and transparent online environment.
Dr. Muttukrishnan Rajarajan, a prominent figure in the field of cyber security and the director of the Institute of Cyber Security at City, University of London, highlighted the urgency of addressing misinformation and online harm in the context of democratic processes. With a significant portion of the global population participating in elections, the need to combat misinformation and promote trustworthy online interactions has never been more critical. The TrustChain start-ups are poised to play a pivotal role in enhancing the integrity of the internet ecosystem.
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Championing Trust and Authenticity: The Role of Blockchain in Information Verification
According to Sean Kane, co-founder and chair of the F6S blockchain start-up network, the prevalence of fake and deceptive information underscores the importance of initiatives like NGI TrustChain. With only six in 10 people expressing trust in online information, there is a clear imperative to strengthen the mechanisms for verifying and authenticating digital content. The grants awarded to the 15 European blockchain and identity start-ups signal a concerted effort to empower these companies in fostering trusted discussions and promoting transparency in digital public spaces.
The 15 start-ups that secured funding under the EU scheme encompass a wide range of innovative solutions aimed at combating misinformation. From ZKorum in France to Neuron AI in Greece, these companies are poised to make significant contributions in leveraging blockchain technology to combat online falsehoods and enhance the credibility of digital information. The diversity of approaches and expertise among the funded start-ups reflects the multifaceted nature of the misinformation challenge and the need for comprehensive solutions.
EU’s Proactive Stance Against Misinformation: Setting Guidelines for Online Platforms
Earlier this year, in response to the escalating threat of misinformation online, the EU introduced new election guidelines for search engines and social media platforms. These guidelines, implemented ahead of parliamentary elections, aimed to enhance the integrity of the electoral process by promoting official information, mitigating the risks posed by generative AI, and fostering a conducive environment for democratic engagement. The EU’s proactive measures underscore the collective commitment to combatting misinformation and safeguarding the democratic principles that underpin online discourse.
The allocation of EU funding to support start-ups combating misinformation with blockchain technologies represents a significant step towards fortifying the digital landscape against the perils of false information. By empowering these innovative companies to develop cutting-edge solutions, the EU is reinforcing its commitment to fostering a more trustworthy and transparent online environment. As the fight against misinformation continues to evolve, initiatives like NGI TrustChain serve as beacons of hope in the quest for a more authentic and reliable digital future.
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