Demo 3 – Improving the Public Funding Distribution Process in Competitive Open calls using Decentralised Ledger Technologies
- The process of applying to and managing public grant schemes is tedious, long and costly for both parties, applicants and granting bodies.
- In addition, the process has a red-tape burden, lack of transparency and trust, data silos, allows for double granting, and has a biased distribution.
Objectives: Simplify the process, reduce administrative burden and increase transparency by:
- Making it faster for both applicants and funding distributors (public organisations in this case) to respectively apply or select projects at open calls.
- Increasing the level of trust and decreasing the time and cost by automatically validating the information provided by the applicants to the open calls, so no need for due diligence by the granting bodies.
- Improving the privacy of the data with a trust framework complying with GDPR.
- Startups and SMEs will use a decentralised, self-sovereign identity, which means that having control over their data they can easily submit their applications.
- Startups and SMEs will be able to get certifications about their key data from different authorities such as universities or chambers of commerce, which will provide them with a funding passport that gives them access to a pool of funding opportunities where they are pre-qualified to apply and their data automatically validated.
- The startups and SMEs can easily apply, and their applications are much easier to be evaluated by the granting bodies.
The pilot use case envisions a future state in which an applicant owns a digital wallet with verified information. With this wallet they could then apply faster and more secure to multiple grants in parallel and stay in control of which data is shared. This implies a much shorter feedback loop on the compliance with eligibility variables and potential missing information. For the granting body the added value lies in a more efficient process, due to pre validated information, and a larger reach for a certain open call.
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