As part of the NGI TrustChain initiative, 15 startups have been awarded €1.8 million in funding to use blockchain to tackle online misinformation, fraud and fake identities.
What Is Blockchain?
Blockchain technology (first released in 2009 and the technology behind Bitcoin) is the decentralised digital ledger system that securely records transactions across multiple computers, ensuring transparency, security, and immutability without the need for a central authority.
What Is The NGI TrustChain Initiative?
The NGI TrustChain initiative is part of the Next Generation Internet (NGI) programme, aimed at developing a more secure, trustworthy, and decentralised internet. It focuses on using blockchain and distributed ledger technologies to enhance online privacy, data security, and trust. The initiative involves collaboration between a variety of stakeholders, including research institutions, technology developers, and industry experts, all working together to foster innovation and improve the internet’s security, privacy, and trustworthiness.
One of the key aims of the initiative is to protect human rights and democratic processes in online spaces, both of which are threatened by misinformation and fake identities, e.g. through distorted information, manipulation, or weaponisation.
The 15 Startups
The 15 startups were selected from a pool of 162 applicants who responded to an ‘open call-out’ by NGI TrustChain in February 2023. Each of the chosen 15 startups will receive up to €117,000 in funding. The NGI TrustChain initiative has provided over €4.5 million in funding to 43 companies to date.
Who, Where, and What?
The winning startups are from 10 European countries including the UK, Netherlands, Germany, France, Spain, and Greece. Their blockchain-based solutions of the 15 range from cryptography and data aggregation platforms to open-source IT tools and Web3 computing.
It’s been reported that the startup chosen from the UK is SecureOpinion, which has used blockchain technology to create a secure platform for sharing public opinions on social media, promoting trust and transparency.
As for the reason for the funding of the startups, Dr Rajarajan Muttukrishnan, core team member of TrustChain and Professor and Director of the Institute of Cyber Security at City, University of London says: “misinformation and deepfakes are inescapable in this time of elections and conflicts. We’re funding blockchain and other tamper-resistant technologies from top new startups to increase trust in democracy”.
Dr Muttukrishnan points to the value of using blockchain to authenticate online material, saying: “The ability to validate the images and text to prove the authenticity of the media files will help to protect against malicious content utilised for propaganda, political gain or other malicious activities online such as radicalisation, online harm, and terrorism.”
What Does This Mean For Your Business?
The EU’s funding of 15 startups through the NGI TrustChain initiative presents significant opportunities for businesses aiming to enhance their digital security and credibility. By integrating blockchain technology, companies can benefit from unparalleled transparency and security in their online operations. This is particularly crucial in an era where misinformation and digital fraud pose substantial risks to both reputation and operational integrity, particularly when 2024 is such a key election year (combatting deepfakes and political misinformation).
For businesses, the adoption of blockchain solutions can lead to more robust verification processes, ensuring that all transactions and interactions are secure and tamper-proof. This is not only essential for protecting sensitive information but also for building and maintaining customer trust. As consumers become increasingly aware of digital threats, demonstrating a commitment to security and transparency can distinguish your business from competitors.
Also, the innovative solutions being developed by these startups, such as SecureOpinion’s platform for verifying public opinions, highlight the practical applications of blockchain beyond financial transactions. Businesses across various sectors can leverage these technologies to safeguard against misinformation, ensuring that the information disseminated and received is accurate and trustworthy. This is especially relevant for companies involved in media, communications, and any field where the authenticity of information is paramount.
By staying ahead of the curve and investing in blockchain technology, businesses can not only protect themselves from the growing threats of online misinformation and fraud but also position themselves as leaders in digital innovation. This proactive approach can enhance a business’s reputation, foster customer loyalty, and ultimately contribute to long-term success in the digital age.