Singapore Successfully Holds Very first Blockchain Hackathon
Innovative concepts are always welcome in the field of bitcoin, as cryptocurrency itself is on the cutting edge. Gatherings such as last week’s Blockchain Hackathon are significant to keep fresh ideas in the space, as well garnering more attention. The event was sponsored by IBM and DBS Bank, the Development Bank of Singapore. It was also supported by Singapore’s Coin Republic and Neuroware.
Participants and interested attendants came from far and broad, including some big names in regional finance. According to CEO and co-founder of Neuroware Adam Giles, a number of participants were not familiar with the blockchain upon arrival. Giles and his team spent the two days familiarizing contestants with the blockchain and the Neuroware API Blockstrap, which is very nimble for making digital currency apps.
“Considering this was the very first time a bank has ever so publicly backed blockchain technology it’s difficult to imagine how it could have gone better.”
– Adam Giles, CEO and Co-Founder of Neuroware
This event brought together good minds in the financial and digital currency worlds, providing them a chance to exchange thoughts in a comfy and creative environment. The event had two challenges; either help the unbanked with financial services, or make banking in the developed world a more pleasant practice.
“Startupbootcamp also provided a superb venue and did a fantastic job on organizing the hack and looking after everyone involved.”
Having a traditional bank as a main supporter is incredible to see, especially with the amount of involvement they showcased. DBS Bank even spotted future potential in some ideas that were discussed at the event.
“DBS were very well organized and made every effort to understand the technology and work with the developers. All teams got to keep the IP for their ideas, and DBS could be working with some in the future to see how they can support them.”
Coming in third place was the team behind BlockIntel. Their product was a blockchain visualization contraption that simplified analysis of transactions. The objective is to make suspicious transactions lighter to spot, along with tracking the overall flow of money. BlockIntel received a prize of toughly $6,000 USD.
2nd place belonged to NuBank, who sought to bring banking services to the Philippines. Their idea is to use existing trust systems in place, such as village elders, as bankers for their community. They would be in touch with a financial specialist who could verify all of their transactions using the blockchain, rather than simply hoping the funds are where they belong. Nubank received a prize of harshly $7,500 USD.
Very first place went to OmniChain and their system for making startup operations more semitransparent. Everything about the startup would be publicly accessible via the blockchain, making investing decisions lighter to research. This could be the way that company data is introduced in the near future, making the team rather ahead of the curve. OmniChain received a prize of harshly $11,300 USD for their efforts.
CEO of Asian bitcoin exchange Coins.ph Ron Hose pipe had slew of good things to say about the event as well, “I truly feel like this event marked a milestone for blockchain tech in Asia.” Hosepipe was one of the many big names present at last week’s event.
“Beyond emphasizing how valuable this technology is to solving banking problems and providing a platform for fresh ideas, the hackathon brought together excellent minds and industry influencers to think together about the future on blockchain and the banking industry as a entire.”
– Ron Hose pipe, CEO of Coins.ph
Events such as this will remain critical in the future, as blockchain technology becomes more widely known. As competition heats up innovation will become more rapid. And the hackathon wasn’t significant solely for the cryptocurrency community – traditional financial systems could benefit from more events with such an open-minded attitude.