in5, a startup incubator founded by TECOM Group, has announced the three winning teams of the second edition of the in5 Blockchain Challenge Hackathon that invited participants to develop innovative prototypes offering solutions to complex problems in the enterprise world through leveraging blockchain technology. The first prize went to Team Apostille that created a cross-country attestation and verification solution, Team Salama placed second with its solution to limit counterfeiting and theft of medicines, while Team t45 won the third place for its microlending peer-to-peer app that encourages small-scale investment through blockchain technology.
Powered by Oracle, the global leader in innovative cloud technologies, in collaboration with strategic partner Dubai Internet City and enterprise partner Emirates NBD, this year’s Blockchain Challenge Hackathon received over 70 entries from tech enthusiasts and digital natives across the region. The 27-hour competition saw the participants tackle the challenge of building a secure blockchain-based solution to speed up data transfer between companies with the goal of reducing time associated with paperwork and creating a more customer-centric experience.
The competition criteria revolved around innovation, working proof of concept, user interface, and presentation. The winners received in-kind and cash prizes from in5 and Oracle. Ammar Al Malik, Managing Director of Dubai Internet City (DIC), said: “This competition is one of the many platforms we regularly introduce to enable tech entrepreneurs to connect with large multinational tech companies, and aligns with our strategy to develop the region’s most advanced tech ecosystem for both talent and companies. Organised in line with the UAE Blockchain Strategy, the in5 Blockchain Challenge Hack-a-thon proved once again that our local tech ecosystem is brimming with top talent and supporters that are ready to apply innovative ideas and create disruptive solutions. We congratulate the winners on their well-deserved success and commend our partners for supporting home-grown innovation.”
The judging panel comprised Ammar Al Malik, Joost Volker, Business Development Director (EMEA) for Cloud Platform at Oracle, Jens Lusebrink, Principal Sales Consultant at Oracle, Afzal Ibrahim, Vice President for Research and Development at the Group Digital Office at Emirates NBD, and Dr. Petar Stojanov, Managing Partner of Ebtikaar.
Joy John, Cloud Platform Leader – Innovation, Middle East and Africa at Oracle, said: “The participants of the in5 Blockchain Challenge Hack-a-thon demonstrated that blockchain has the potential to fundamentally transform the way we conduct global business transactions. It can be a disruptive force for organizations across all industries. We congratulate the winners and look forward to welcoming eligible startups to the Oracle for Startups program to further develop their prototypes with Oracle Blockchain Cloud.”
Abdulla Qassem, Group Chief Operating Officer at Emirates NBD, said: “We are in an exciting phase of the evolution of blockchain-based solutions that are paving the way for more transparent and secure business processes. As a digital frontrunner committed to fostering innovation in the region, Emirates NBD is pleased to partner with the Blockchain Challenge this year. The determination and team spirit demonstrated by all participants is a testament to the budding talent we have in the UAE, and we hope to continue supporting events that promote tech talent in the region.”