IIT Bombay

hackathon

nascent

cuttingedge blockchain technology

Ethereum

cryptocurrency

The participants will tackle real-world problems using the blockchain ecosystem.is playing host this weekend to a uniqueevent focussed around theTeams from corporate houses from around the country as well as experts in blockchain technology from around the world will participate in the twoday hackathon that aims to tackle real world challenges using, a blockchain ecosystem growing in prominence.“Blockchain works on the principle that once a digital record is created, it is there forever; it can be added to but the previous records never go away. This brings a level of transparency, security and trust not found in conventional systems,” says Arifa Khan, India Partner of the Ethereum Foundation and chairperson of Blockchain India Week. “Conventional systems such as banking require trust and therefore necessitate the presence of central banks. With blockchain, we no longer need to trust our banks or even each other, because the technology itself is built on the foundation of trust and transparency,” Khan said.Around 300 participants will participate in the hackathon, with the aim of creating solutions for challenges in fields like agriculture, artificial intelligence, finance, education, and healthcare. Teams that present the most promising blockchain solutions will have the opportunity to present their proposals to Vitalik Buterin, founder of Etherium and one of the leaders in the blockchain movement.Thiel Fellowship recipient Buterin, who founded Ethereum at the age of 20, will award the winning proposal with the Vitalik Buterin Prize for Blockchain Excellence – Rs 1 lakh in cash. Ethereum has been making waves of late for the skyrocketing value of itsknown as Ether. The value of the currency rose sharply from $10 to $50 in 2016.“Unlike BitCoin, which is a closed system for the sake of security – much like Apple’s ecosystem, Ethereum is open-source, while still retaining the qualities that make blockchain so attractive to developers,” said Khan.The team from Honeywell Technology Solutions presented a novel solution for India’s agricultural challenges at the hackathon.“We are proposing the creation of a system in every village that would let farmers there input information about which crops they are cultivating. This would give us a nationwide map of crops being grown in every part of the country, when they would be harvested, as well as information like the kind of process and materials used to grow them,” said Sridhar Babu Kolapalli, a member of the Honeywell team. “This way a consumer or wholesaler interested in buying potatoes could get direct access to the farmer. It would also help the government better prepare for famine and protect farmers.”Sridhar says using blockchain technology lends a level of transparency and trust not otherwise found in the Indian agricultural system. The hackathon is part of Blockchain India Week, which will culminate in the Ethereum India Summit in the city on May 18, which will be attended by Buterin.