Blockchain Competition Attracts Applicants from over 25 Countries11.08.2017 08:58
The Blockchain Competition has received 80 entries from teams and startups using the blockchain for the insurance industry. The competition will continue to accept late applications until 22 September.
The Blockchain Competition is the first-of-its-kind startup contest for blockchain teams and offers the world's largest cash prize ($100 000 no strings attached) for innovative blockchain for insurance ideas. From Russia to Uruguay, from Singapore to Spain, the list of contestants vying to claim the top prize and come to Zug knows no borders. The Top 3 teams - including the winner of the cash prize - will be announced in a special Award Show on 22 Nov in Zug's Theatre Casino.
The applications which have been received so far, include both established startups and teams formed specifically for the purpose of applying to the Competition. The majority of entries have come from European countries and North America. Submissions from Africa (2) as well as India (3), not to mention the UAE and Uruguay, can attest to the potential that blockchain holds for developing countries.
With this many applications having come in from around the world, there will be even more attention focused on the growing blockchain ecosystem in Switzerland.
The Competitions initiators - Lakeside Partners and inacta AG - have both been key players in supporting the growth of the Crypto Valley ecosystem. Together with the support of key industry partners from the insurance space - including Pax, Helsana, Suva, Basler and die Mobiliar - the Blockchain Competition is providing a framework to support the growth of innovative ideas marrying blockchain and insurance technology.
Mathias Ruch, Managing Partner of Lakeside Partners sees both positives and negatives in the wide range of international applicants - "It's awesome to see ideas popping up from all over the world. We already knew that Switzerland and Crypto Valley are the top spots for blockchain startups and this confirms it. But now our Jury will have a difficult task narrowing things down. It's too bad we can't take them all and give them a home here!"
That task will likely get even more difficult. The Blockchain Competition will continue to accept late applications until 22 September, increasing the pool of potential winners.
Project Coordinator Ian Simpson explains, "With an international pool of applicants and potential applicants, there are many timing challenges. Some teams have just finished university and holiday and just found out about the Competition - but still wish to get in on the action. So they can still join. Teams that have already applied will also be able to refine and expand their applications until 22 September."
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