Up to $100,000 is available from the Blockchain Innovation Challenge to help South Australian entrepreneurs develop and refine their blockchain concepts.
Blockchain Innovation Challenge
Blockchain is an exciting technology that has an unparalleled potential to influence every industry. The South Australian Government recognises this potential and is working to create the right environment for blockchain enterprises to thrive.
South Australian entrepreneurs are invited to develop well-thought-out projects that use blockchain to improve operational efficiency, enable business model innovation, or influence how businesses, government and society interact.
What is Blockchain?
A blockchain is a distributed record of events or transactions (often referred to as a distributed database or ledger) that is tamper-resistant, tamper-evident and cryptographically secure.
A blockchain allows untrusted parties to reach consensus on a shared digital history, without a middleman or trusted third party. When multiple, consistent and independent copies of the record exist it is harder to falsify, and the record is resistant to system failure, as there is no single point of failure.
Some examples of blockchain include:
- Provenance chains: blockchain can support ownership claims for high-value assets such as jewellery and art, origin claims for food (certified organic or fair trade) and wine
- Financial services
- Voting/democracy: infrastructure for casting, tracking and counting votes
- Internet identification
- Critical infrastructure security
- Real estate: recording, tracking and transferring land titles, property deeds, liens
- Executable contracts: contracts in a blockchain that contain software code that automatically executes when a contract condition is met
- Secure storage of personal data
- Energy management: enabling decentralised energy generation, sharing and payment amongst a community without requiring trust.
A prize pool of $100,000 is available and will be awarded to the prize winners whose ideas best meet the eligibility criteria and terms and conditions. The judges will determine how many projects will be funded. It is likely three prizes will be awarded, however depending on the projects submitted there may be to up to five winners. This means prize winners will walk away with at least a minimum of $20,000 to put towards developing their blockchain idea further.
Winners will be selected from up to 10 finalists. Finalists will receive mentoring and support to develop, refine and pitch their project ideas as part of the incubation program.
Judges will assess ideas against the following merit criteria:
- Clear articulation of blockchain application
- Technical feasibility
- Potential for implementation, sustainability and scalability
- Appropriate use of blockchain technology
- Benefit to South Australia
- Project impact (e.g. economic, social, technological).
South Australian individuals or groups who have an idea of how blockchain can be used to solve a problem are invited to take part in the Challenge.
To be eligible, applicants must meet the following criteria:
- Be aged 18 years or older (or have parent/guardian approval)
- Reside in South Australia (or be willing to relocate)
- Hold or be willing to obtain an Australian Business Number (ABN).
Eligible applicants include:
- Startups and small entrepreneurial businesses
- Digital developers
- Entrepreneurs who work from within bigger entities e.g. universities
- Innovators in the fields of business, technology and science
- Blockchain enthusiasts
- Anyone with a great blockchain idea!
Applications close 4 February 2019.