- The executive body of the European Union has appointed a financial services company, Worldline to lead a blockchain-based Project
- The purpose of this project is to improve the integrity of the social media posts of the European Union using blockchain technology
- Forty-five projects will be partially funded while nine will be fully funded from inception to execution says, Toni Paradel, RD Manager at Worldline
The executive body of the European Union has appointed Worldline, a major financial services company to oversee a blockchain social media project on behalf of the European Union.
The European Union seeks to improve upon the integrity of its social media posts using the nascent blockchain technology especially in light of fake news circulating the social media space.
The Trublo Project
The ambitious project nicknamed Trublo is largely handled by worldline we’ll see the plug chain development of the European Union’s Next Generation Internet Initiative. After several perusals of applications from competing firms, Worldline was chosen to handle the Trublo Project.
450 suggestions will be carefully analyzed as an aid to Finextra’s goal of “Developing Trust and Reputation Models in Blockchain.” Nine of these suggestions that meet the set criteria will be funded from inception to execution while forty-five will be partially funded at various stages of the development.
Toni Paradel, RD Manager at Worldline who also doubles as Trublo’s coordinator said the development of a sound trust model is necessary for this technologically driven era.
He opined that;
The nine projects that will be implemented will be key to creating trust models that improve the sharing of the content generated by people from any device. This is important if we want technology to be part of our lives and improve our ability to create an agile, efficient and safe environment for digital transformation.
On The Flipside
- Blockchain technology cannot be executed on a large scale because of its complexities
- Robert Keller a professor at Bayreuth University, Germany explained that Some blockchain solutions consume too much energy
- This makes them impractical to use on a largescale
Worldline and The European Union: An Unlikely Match
The odds of Worldline leading the EU’s drive to embrace blockchain technology as part of its developmental strategy is an uncanny one.
The French company, Worldline was founded in 1974 as a payment and transactional firm. The publicly-traded company had revenue of $2.3 billion and has become the consolidator of European payments.
In 2017, the company teamed up with Total SE to finance the deployment of a digital one-stop solution for the African continent.
It currently operates Saferpay and since 2019 the company has made developmental strides in Blockchain technology which earned it the honor of being selected as the company to lead the Trublo Project.
The European Union has struggled with trust issues since the rise of social media and has adopted several policies to solve the debacle.
It has developed the European Strategy for a Better Internet for Children, funds Safer Internet Centers but the Trublo Project is the most ambitious project to improve social media integrity.
Globally, there have been several clamoring for social media reform and for big companies and even government agencies to leave the traditional methods and embrace a progressive system like Blockchain.