The implementations cover various branches such as cybersecurity, health, and data management. With these grants, the European Commission seeks to implement the projects among small and medium-sized companies.
Europe, through the European Commission and its Horizon 2020 acceleration program, is investing EUR 180 million in blockchain projects, 19 of which are from Spain. The proposals cover multiple areas of work such as cybersecurity, health, data management, IoT, and privacy.
From Valencia to Madrid, passing through Barcelona, Spanish projects are among the most visible and recognized on the continent. The grants seek to provide a boost for their implementation among small and medium-sized companies.
A report by the European Commission highlights that the solutions are already in their implementation or development phase. The funding comes from a variety of sources including the Horizon Awards, applications to their calls, and Blockchers’ competition.
The list of beneficiaries comprises multiple projects in different categories, according to their type of application. It includes the privacy initiatives PIMCity, Decode, Ghost, and PoSeID-on. Regarding the world of cybersecurity, it mentions the Phoenix project, SDN-microSENSE, Trapeze, and Soter.
Regarding the banking and digital finance branch, the projects that have benefited are Infinitech and Critical-Chains. Other proposals include BD4OPEM (information on electrical energy) and D-Cent (politics and citizen participation). Concerning projects that aim to verify copyright, traceability, and information, it mentions Orvium, Vottun, and HOP Ubiquitous.
Among the firms that have received approval are Bettergy (purchase of photovoltaic energy), Vestigia Blockchain (water consumption and crops), BodyPass (data from the health sector), and ChangeTheBlock (preparation of smart contracts).
The funding for each project varies but ranges from EUR 16,000 to EUR 5 million. In some cases, the implementation periods reach 36 months, with solutions already in operation. At the continental level, more than 50 blockchain projects have already received funding.
The European Commission has mainly supported European blockchain projects related to cybersecurity (26%), Internet of Things (22%), health care (19%), and applications in the industrial sector (9%).
New Trust Paradigms
Regarding the support that solutions with blockchains receive from the European Commission, the organization stated in August 2019 that distributed records represent new paradigms.
The entity has also been active in creating concept tests, pilot projects, and initiatives to explore and understand the legal, regulatory, policy, research, and funding implications of distributed ledger technologies (DLT).
The organization intends to support projects that not only develop technology but also contribute to the social sector. In June 2018, the European Commission awarded the best blockchain-based solutions in this field with EUR 5 million.
The Horizon 2020 program is one of the largest acceleration initiatives in Europe, with a fund of more than EUR 80 billion. Since 2014, the European Commission has allocated resources to projects of a different nature, not just those related to blockchain technology.
The organization set aside that large amount of capital to ensure Europe’s global competitiveness to boost economic growth and job creation. Between 2014 and 2016, the commission received more than 115,000 eligible proposals requesting funding, for a total of EUR 182 billion.
By Willmen Blanco
