Register for our upcoming webinar:  

How Generative AI will Impact Software Development

Thursday | July 04, 2024 2pm IST

Register Now

Unlock skill-first hiring with HackerEarth today

Learn more
piller_image

How hackathons can help you get started with blockchain

How hackathons can help get started with hackathons

Grow into a major player in the global blockchain space with an innovative mindset.

The concept of a digital economy has rewritten business models you’ve adopted so far. Over 90 percent of organizations want a digital transformation strategy, anticipating cost reduction, increased innovation, and business growth in the future. It doesn’t matter if you are talking about products, services, technology, culture, or data; everything revolves around delivering value to customers and thwarting competitors.

And the booming blockchain technology has quite the same objectives.

With the technology still being in its infancy, people are unsure about how to make inroads. This post aims to convince the reader that whether it is a city, an organization, or an individual, an innovative mindset seems to be the answer to adjusting course and deriving maximum value.

What is blockchain technology?

An open, decentralized database that keeps a record of all digital transactions across a peer-to-peer network—that’s blockchain. All members with access to the network can view and validate the transactions using cryptographic keys, without a third party, such as a bank. The computers in the network are called nodes. This shared database with a secure audit trail is hard to tamper with. Blockchain is expected to tackle challenges such as duplication and control of information.

To understand how blockchain works, watch this great video from IBM using the diamond industry as an example: 

Bitcoin, a cryptocurrency, and Ethereum, a decentralized platform that runs smart contracts, are perhaps the most famous examples.

How can your company start implementing blockchain?

If you’ve decided that using blockchain will expand frontiers for you, then what next?

According to Deloitte, there are six key steps for companies to get started with blockchain:

  • Inspiration (interact with think tanks or labs like MIT Media Lab)
  • Education (gather information about practical implementation)
  • Ideation (generate ideas, categorize, and prioritize)
  • Collaboration (test and refine ideas with leading industry people)
  • Prototyping (create a rapid or breadboard prototype)
  • Implementation (critical, testing and validation phase)

Studies show that it doesn’t matter whether a country or a company wants to leverage blockchain, an entrepreneurial and innovative mindset is a key prerequisite. Ideation is a crucial step, where you can expect action when your ideation is effective. Get engaged employees to improve the existing capabilities or discover new possibilities using blockchain to unlock new use cases.

To make innovation in this space happen, companies typically look for implementation of ideas within or partner with vendors. Budding blockchain startups in the fintech ecosystem need backing in terms of capital, skills, mentorship, and infrastructure. Whereas, legacy companies tie up with accelerators to better their impact and reach. BFSI institutions and other firms are forming alliances, sponsoring innovation labs, and creating incubator programs on several platforms.

Scott Robinson from Plug and Play, a startup accelerator and open innovation platform, says that accelerators, incubators, and hackathons “show very quickly if a use case is something that makes sense for large corporations and they paint a pathway to matriculate the technology into the [legacy player’s] tech team.”

How to organize successful hackathons Ebook

Many banks and other financial institutions are using hackathons to explore this emerging technology. Also, blockchain companies are struggling to encourage widespread adoption, especially when trying to reach the management of incumbents. Startups that are blockchain enthusiasts find that hackathons can give them that much-needed access to corporates in the financial domain, and the latter can work with these experts to make the most of blockchain. Companies also participate in hackathons for the wonderful networking opportunities they offer.

A hackathon, which involves all the six steps Deloitte talks about, is a great tool to discover talent and develop breakthrough products or services. The highly focused event leverages an innovative mentality and the right skills to augment the value chain. Crowdsourcing ideas from developers could be the only way for now to find financial solutions using this potentially disruptive technology.

Chainhack, Dutch Blockchain Hackathon, Blockchain Virtual GovHack, Hyperledger Hackathon, and Consensus are a few popular hackathons that drive home the point that Ishmael Malik, CEO of Blockchain Lab, makes: “Blockchain and Hackathons are poised to redefine the entire tech innovation lifecycle, accelerating by orders of magnitude technological progress.”

Then there is ether.camp (a recurring virtual hackathon), which “is a project aimed to create the ideal innovation environment for startups by utilising blockchain technology for the release of the Virtual Accelerator.”

Malik adds: “The future of such Hackathon-led innovation as highlighted by IBM and Intel in relation to the HyperLedger Hackathon, illustrates the ability for such a format in harnessing, showcasing and market testing new advancing technologies. Furthermore, it allows for previously untapped hacker skill sets to form into teams and generate innovative new ideas and products.”

Why now is the time to explore and invest in blockchain

This foundational distributed ledger technology is a mini-revolution all right.

Blockchain researcher Bettina Warburg says in her great TED talk, human beings keep trying to lower uncertainty to exchange value. Just as formal institutions such as banks or governments do according to American economist Douglass North. And just as blockchain technology will transform our economy by reducing uncertainty in not knowing who you are dealing with, not having visibility into a transaction, and not having recourse…to an extent.

Once you have understood the applications of blockchain and its implications for your business, you need to explore its potential and find a challenge that can be solved. That is, identify a use case build a proof of concept do a field trial roll out.

Asset transactions are immutable and secure, and this opens up several avenues for innovation, either in the underlying technology or in the possible use cases of the technology that were previously unfathomable. The possibilities are limited only by the imagination as of now. (Read about some interesting things you can do with blockchain here.)

Accenture predicts that the adoption of blockchain by the financial services sector will be in the growth phase from 2018 to 2024 and by 2025, it will hit maturity. Capital market spending on this technology, which was $30M in 2013, is expected to touch $400M by 2019. While Gartner says a blockchain business will be worth $10B by 2022.

Although the adoption of this disruptive technology is growing, it will be some time before the fledgling goes mainstream. “But no doubt the application of blockchain will drive the fourth industrial revolution,” says Thomas J. Carroll, Avant Global’s Chief Information Officer. Eventually, innovative solutions will emerge to tackle the scalability, security, interoperability, and privacy issues of blockchain.

Detailed analysis of 700+ hackathons worldwide

Hackerearth Subscribe

Get advanced recruiting insights delivered every month

Related reads

Recruitment Chatbot: A How-to Guide for Recruiters
Recruitment Chatbot: A How-to Guide for Recruiters

Recruitment Chatbot: A How-to Guide for Recruiters

Recruiters constantly look for innovative ways and solutions to efficiently attract and engage top talent. One of the recruiter tools at their disposal is…

How HackerEarth’s Smart Browser Has Increased Integrity of Assessments In the Age of AI
How HackerEarth’s Smart Browser Has Increased Integrity of Assessments In the Age of AI

How HackerEarth’s Smart Browser Has Increased Integrity of Assessments In the Age of AI

At HackerEarth, we take pride in building robust proctoring features for our tech assessments. The tech teams we work with want to hire…

Top Sourcing Tools for Recruiters in 2024: Free and Premium Options
Top Sourcing Tools for Recruiters in 2024: Free and Premium Options

Top Sourcing Tools for Recruiters in 2024: Free and Premium Options

Imagine a world where you can easily find candidates with the exact skills and experience you need, regardless of their location or online…

The Best Recruitment Software of 2024: A Comprehensive Guide for Employers
The Best Recruitment Software of 2024: A Comprehensive Guide for Employers

The Best Recruitment Software of 2024: A Comprehensive Guide for Employers

Recruitment platforms play a critical role during recruitment. These platforms offer a suite of tools and services designed to streamline the entire hiring…

Best Pre-Employment Assessments: Optimizing Your Hiring Process for 2024
Best Pre-Employment Assessments: Optimizing Your Hiring Process for 2024

Best Pre-Employment Assessments: Optimizing Your Hiring Process for 2024

In today’s competitive talent market, attracting and retaining top performers is crucial for any organization’s success. However, traditional hiring methods like relying solely…

The Complete Guide to Hiring a Full-Stack Developer Using HackerEarth Assessments
The Complete Guide to Hiring a Full-Stack Developer Using HackerEarth Assessments

The Complete Guide to Hiring a Full-Stack Developer Using HackerEarth Assessments

Fullstack development roles became prominent around the early to mid-2010s. This emergence was largely driven by several factors, including the rapid evolution of…

Hackerearth Subscribe

Get advanced recruiting insights delivered every month

View More

Top Products

Hackathons

Engage global developers through innovation

Hackerearth Hackathons Learn more

Assessments

AI-driven advanced coding assessments

Hackerearth Assessments Learn more

FaceCode

Real-time code editor for effective coding interviews

Hackerearth FaceCode Learn more

L & D

Tailored learning paths for continuous assessments

Hackerearth Learning and Development Learn more