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Aalto led consortium GMeRitS awarded Blockchains for Social Good prize

The prize awarded by the Enhanced European Innovation Council EIC is worth a million euros and was granted for work on the social effectiveness of blockchain technology.
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GMeRitS, a consortium led by researchers at Aalto University, has been granted the Blockchains for Social Good prize by the Enhanced European Innovation Council (EIC). The motivation for the prize was GMeRitS’ research work on the social effectiveness of blockchains.

Aalto University / Työelämäprofessori Pekka Nikander
Professor of Practice Pekka Nikander from the School of Electrical Engineering.

‘The new features of the digital economy cannot be fully utilized with the current instruments of the economy. Unlike material goods, which are depleted when they are used, many digital assets actually get better when they are being used and shared. This immaterial value exchange cannot yet be fully measured and the value created in this kind of exchange cannot be effectively distributed or taxed. Our consortium has conducted scientific research and practical experiments on blockchain technology and paved the way for new forms of incentivization, accounting and even taxation innovations', says Professor of Practice Pekka Nikander from the School of Electrical Engineering.

The goal of the prize is to support efforts in exploring the applications of blockchains also outside their traditional domains. Blockchain technology can be utilized also in social innovation, for example in enhancing the transparency of public processes, the management of public records, or participation in democratic decision-making.

In addition to Aalto University, GMeRitS consortium includes the Politecnico di Milano University, as well as the startup and scaleup organizations Mesensei (Otaniemi, A-Grid), Novact (Barcelona), and Merits (Milan).

Kuvassa näkyy yliopistonlehtori Ville Eloranta.
University lecturer Ville Eloranta from the School of Business.

'Aalto’s share of the million euro prize sum is 250 000 euros. We will use these resources to conduct experiments, build communities, and develop teaching. The research questions we are tackling with our consortium are so complex that we need large-scale cooperation involving many different stakeholders and extending beyond traditional research partners', says University Lecturer Ville Eloranta from the School of Business.

More information:

University Lecturer Ville Eloranta
Aalto University School of Business, Department of Management Studies (IDBM)
[email protected]
+358 40 706 7012

CEO Tuukka Ylälahti
Mesensei Oy (A Grid)
[email protected]
+358 40 041 0315

Website of the GeMeRitS consortium: https://gmerits.eu/

More information concerning the prize:

https://ec.europa.eu/research/eic/index.cfm?pg=prizes_blockchainshttps://www.ngi.eu/news/2020/06/30/blockchains-for-social-good-eic-prize-winners-announced/

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