The challenge is to develop scalable, efficient and high-impact decentralised solutions to social innovation challenges leveraging Distributed Ledger Technology (DLTs), such as the one used in blockchains.
DLT in its public, open and permissionless forms is widely considered as a ground-breaking digital technology supporting decentralised methods for consensus reaching as well as sharing, storing and securing transactions and other data with fewer to no central intermediaries.
In the wake of the widespread public attention for Bitcoin, several financial applications based on blockchains are already under development.
However, the potential of DLTs to generate positive social change by decentralising and disintermediating processes related to local or global sustainability challenges is still largely untapped.
Examples of social innovations in which decentralised solutions based on DLTs have shown clear benefits over conventional centralised platform solutions include, but are not limited to:
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. Tackling this challenge requires multidisciplinary expertise.
Prize value: €5 million
Dateline for submission: 3 September 2019
Source: The European Commission
Illustration Photo: Blockchain (CC0 Creative Commons from Pixabay.com)