EU appoints large Finserv company to lead blockchain social media project

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The executive body of the European Union hired a large financial services company to lead a three-year initiative aimed at improving the integrity of social media posts using blockchain technology.

The project, called “TruBlo”, will oversee a plethora of blockchain developments as part of the European Commission’s next generation internet initiative. French financial services company Worldline has been named head of TruBlo. Worldline was founded in 1970 and achieved sales of 2.3 billion euros in 2019.

An estimated 450 suggestions will be evaluated in the coming years as part of the initiative’s announced goal of “developing trust and reputation models for blockchain”. It is expected that 45 of the proposals will be partially funded, while nine will be funded to completion.

Toni Paradell, TruBlo coordinator and R&D manager at Worldline Iberia, said developing trust models in the age of rapidly advancing technology is a fundamental issue:

“The nine projects that will be implemented will be key to creating trust models that enable the sharing of content generated by individuals from any device. This is fundamental if we are to make technology a part of our lives and improve our ability to create an agile, effective and safe environment for digital transformation. “

Demands for a reform of social media came not only from government agencies. The growing influence of large tech companies has led to constant calls to migrate social media to the blockchain, where no one or company can dictate their terms.