The South Australian Government has launched a Blockchain Innovation Challenge and is calling on innovators in the industry to present their projects. $100,000 has been set as the grand prize which will be awarded to different winners for their outstanding ideas. This was revealed on their platform on December, 12.
Blockchain Has Great Potentials to Impact on Every Industry
The Government noted that Blockchain has great potentials that can impact all sectors of the economy. These are potentials which they have decided to recognize and take advantage of. This is by fostering the growth of the Distributed Ledger Technology (DLT) through this competition.
Accordingly, the contest is open to all residents of the state and those who are willing to relocate to South Australia. They must be entrepreneurs who are at least 18 years old, and with Blockchain-related ideas. Also, every participant must obtain the Australian Business Number (ABN). Their task is to develop Blockchain-based projects that will have real-life application.
A Remarkable Project Must Bring About Efficiency and Innovation
Specifically, a remarkable project from a contestant must be able to bring about efficiency and innovation in businesses. This is a project that can also impact the way businesses, government, and society interacts. If an entrepreneur’s project can meet these criteria, then they stand a chance of getting funds to execute their ideas.
More insight has been given on how winners will be selected. First of all, the uniqueness of a project will be considered and its appropriate use of Blockchain technology. The probability that the project will be implemented to bring about economic, social, and technological impacts will also be judged. Most importantly, how the proposed project will be beneficial to South Australians.
Projects Based on Cryptocurrencies Will Not be Considered
Areas such as Cryptocurrencies have been excluded from the competition. Also worthy of note, is that ideas which encourage fraudulent or illegal activities will be ignored. Therefore, applicants who meet all these criteria have between December 12, 2018, to February 4, 2019, to submit their ideas.
Australia is actively engaging in promoting Blockchain technology given the turn of events in the past few weeks. Of recent, Western Australia launched a Blockchain center whose aim is to provide financial resources to Blockchain startups in the area. Entrepreneurs can also share ideas in this center.
This Australian state has also launched a solar energy trading platform that is based on Blockchain Technology. The platform will enable households to determine the price at which they want to buy or sell solar energy. The pilot phase of the system has begun and it will end in June 2019.