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The project will review 450 proposals aimed at improving the credibility of social media posts with the aid of blockchain technology over the next three years.
The executive body of the European Union has named a major financial services company to lead a three-year project aimed at improving the transparency of social media posts using blockchain technology.
The project, called “TruBlo,” will oversee the creation of blockchain as part of the Next Generation Internet initiative of the European Commission. The French financial services company, Worldline, has been named head of TruBlo. Worldline was established in 1970 and reported revenue of €2.3 billion ($2.8 billion) in 2019.
An estimated 450 proposals will be assessed in the coming years as part of the aim of the initiative to “develop trust and reputation models on blockchain,” as stated by Finextra. It is estimated that 45 of the projects will receive partial funding, while nine will be financed to completion.
TruBlo coordinator and R&D manager at Worldline Iberia, Toni Paradell, said that designing confidence models in the age of fast-moving technology was a key 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 regulation have not only come from government departments. The growing impact of large tech corporations has seen constant calls to move social media to the blockchain, where no person or company can determine its terms.