The executive body of the European Union has appointed a major financial services company to lead a three-year initiative aimed at improving the integrity of social media messages using blockchain technology.
The project will be called “TruBlo” and will oversee many blockchain developments as part of the European Commission’s next generation Internet initiative. The French finance company Worldline has been appointed head of TruBlo. Worldline was founded in 1970 and generated € 2.3 billion ($ 2.8 billion) in 2019.
According to Finextra, in the coming years, about 450 proposals will be considered within the framework of the initiative’s goal to “develop trust and reputation models on the blockchain.” It is expected that 45 proposals will receive partial funding and nine proposals will be funded before completion.
TruBlo Coordinator and Worldline Iberia R&D Director Tony Paradel said that developing trust models at a time when technology is rapidly advancing is a key challenge:
The nine projects to be implemented will be key to creating trust models that share content created by individuals from any organization. This is essential if we want to make technology a part of our lives and increase our ability to manage a smooth, efficient and secure digital transformation environment. ”
Calls for social media reform are coming from more than just government agencies. The growing influence of large tech companies is driving constant calls for the migration of social media to blockchain, as neither individuals nor companies can dictate terms.