EU appoints major finserv firm to lead blockchain social media project

Published at: Feb. 16, 2021

The executive body of the European Union has appointed a major financial services firm to lead a three-year initiative aimed at boosting the integrity of social media posts using blockchain technology.

Dubbed “TruBlo,” the project will oversee a wealth of blockchain development as part of the European Commission’s Next Generation Internet initiative. The French financial services firm, Worldline, has been appointed to lead TruBlo. Worldline was founded in 1970 and generated 2.3 billion euros ($2.8 billion) in revenue in 2019.

An estimated 450 proposals will be assessed in the coming years as part of the initiative’s goal of “developing trust and reputation models on blockchain,” as reported by Finextra. It is expected that 45 of the proposals will receive partial funding, while nine will be funded to completion.

Toni Paradell, TruBlo coordinator and research and development manager at Worldline Iberia, said developing trust models in the age of rapidly advancing technology was a fundamental issue:

“The nine projects that are implemented will be key to creating trust models that power the exchange of content generated by individuals from any device. This is fundamental if we are to make the technologies part of our lives and increase our ability to drive an agile, effective and secure digital transformation environment."

Calls for social media reform haven't just emanated from government entities. The growing influence of Big Tech companies has seen constant calls to migrate social media onto the blockchain, where no one individual or corporation can dictate its terms.

Tags
Related Posts
Blockchain will transform government services, and that’s just the beginning
Governments are tasked with bringing fair and efficient services to the public. Unfortunately, providing transparency and accountability often results in a reduction in efficiency and effectiveness or vice versa. Governments are usually forced to choose to improve one at the cost of the other. On rare occasions, technology comes along that enables governments to improve fairness and efficiency. The move from paper-based record keeping to computer databases was one such technology. The internet was another. Blockchain is the next. Like the internet before it, blockchain will not only improve how the public interacts with government services, it will have broad …
Adoption / Sept. 26, 2021
Slovenian finance authority proposes 10% tax on crypto income
According to regional media reports, the Financial Administration of the Republic of Slovenia, or FURS, is considering imposing a 10% taxable income bill on cryptocurrency asset activity in the near future. Under the current legislation method, the authority analyzes an individual's digital asset activity on a case-by-case basis by trawling through their buy and sell transactions. This can result in a stagnant and tedious crypto administrative process. The introduction of this progressive initiative aims to digitally streamline the process, focusing solely on the purchase of goods and services, or the conversion of crypto assets into fiat currencies. Within these parameters, …
Technology / Aug. 31, 2021
The digital euro: Something Europe can’t afford to get wrong
Europe knows it will have to embrace a digital euro soon. To become a global digital leader and avoid dependence on American and Asian technological infrastructures, European policymakers and regulators have to make progressive decisions. A critical stumbling block for Europe’s digital economic thinking is so-called stablecoins. Stablecoins can be privately issued and have the potential to become globally accepted and systemically relevant, disrupting long-established financial systems. Consequently, today’s political discussions surrounding stablecoins are dominated by concerns over financial stability and orderly monetary policy. Related: Stablecoins present new dilemmas for regulators as mass adoption looms Current regulatory plans undercut innovation …
Technology / July 4, 2021
The evolution of crypto exchanges — What’s next for the industry
From what started as something of a “technological experiment” with Bitcoin (BTC) over a decade ago, the crypto asset industry has become a significant driver for change in global financial markets. Cryptocurrency exchanges started as a means to enable crypto enthusiasts to trade digital coins outside the traditional financial system on a decentralized and largely autonomous basis. It is likely that combined with regulatory recognition and development of digital market infrastructures, acceptance of essential Anti-Money Laundering practices, investment in security protection systems, and recognition of investor protection measures will see these businesses continue to expand and potentially merge or compete …
Technology / Oct. 31, 2020
Europe awaits implementation of regulatory framework for crypto assets
The global landscape of crypto-asset regulations is diverse and, even though it is getting more complex, many regulators are still choosing to wait and see how this space develops and what others will do. Right now, all eyes are on the European Union and its bespoke approach to regulating crypto assets. As part of an expansive digital finance package announced in September 2020, the European Commission, or EC, issued a regulatory proposal titled Markets in Crypto-Assets, or MiCA. The proposal is now making its way through the legislative process and is subject to intense debates. This important regulatory step has …
Technology / May 1, 2021