What has happened?
The prize will be awarded for innovations that use blockchain technology for social good.
What does this mean?
The European Commission will award five prizes of €1 million each to social innovations as part of the Horizon Prize on "Blockchains for Social Good".
The prizes will be awarded to innovators that use blockchain technology to bring about positive social change, including for support of fair trade, allowing transparency in production processes, decentralising data governance and enhancing privacy, enabling accountability and contributing to financial inclusion.
The prize aims to encourage the development of scalable, efficient and effective solutions using distributed ledger technology.
This challenge is targeted at a wide range of actors: individuals, social entrepreneurs, civil society organisations, research centres from technological and social disciplines, creative industries, students, hackers, start-ups and SMEs.
Detailed rules of contest will be available in February 2018, and the deadline for applications is 25 June 2019.
The prize should be awarded in the first quarter of 2020.
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