Finance and Social solutions using distributed accounting technology (DLT) or blockchain will be accepted in the next edition of the 2020 Blockchain Hackathon Series. This will be happening in Santiago de Chile between March 27 and 28. Enthusiasts can register in groups consisting up to four people, or individually. Further, they should form teams on the first day of the event.
The competition will have three challenges for developers. They should come up with ideas of potential use cases within the finance industry. Otherwise, to improve people’s life quality. Developers must choose a category and present their proposal to the jury. They will determine if the project is viable or not.
“The purpose is to develop blockchain applications in two fields. In the area of financial services, which is the most developed field in the area. Also in the social field, such as the project developed in the hackathon carried out in Medellín, in Colombia.”
The Event main goals
Pereira himself explained: “The focus of the Blockchain Hackathon is not to find projects already in operation. Mainly, we aim to find ideas on with potential to support them, and make them a reality”. Apparently, this would help to find a finance and social solution. The organizer indicated that the participants will receive certificates of attendance. The finalists will receive medals and trophies for their performance.
However, “notwithstanding who wins, we are looking for ideas to promote them within the blockchain ecosystem,” Pereira reiterated. The winning projects will initiate a consolidation process so that the proposal is implemented, either for a particular company or for an end customer. The mentorships and link will last three months.
Distributed accounting in Latin America
In the past, Latin America has been the scene of multiple events related to the development of blockchain projects. Between October and December 2019, four cities in the region (Lima, Medellín, Santiago, and Panama) were poised to hold competitions that included the use of decentralized ledgers of this type. Also, since October 2018, Argentina, Colombia and Uruguay receive more enthusiasts in the first edition of the Blockchain Accelerator.
Distributed accounting is a technology that was born in 2009 with Bitcoin, as a digital system, in which two or more people can carry out any type of transaction, without the participation of intermediaries and trusted third parties. The information is based on a decentralized network and cannot be modified, that is, it is immutable. Although its use is related to cryptocurrencies, applications have also been developed for document certification, product traceability and digital identity, among other uses.