How can you win over the Jury and how should you prepare for the Competition, read the insightful tips here:
1.) What is the Blockchain Competition for Finance?
The Blockchain Competition for Finance addresses Fintech Startups with a blockchain based approach. Together with industry incumbents and blockchain experts the Startups can challenge their ambitions. Besides that, as a result the Startups have the opportunity to spread their idea through the competition and the final event, the Blockchain Summit - Crypto Valley, taking place on November 7th, 2018. The top three winners get one year free office space in the Crypto Valley Labs and one year coaching from crypto experts. In addition the winner gets an 100’000 US$ cash reward.
2.) Why does the booming Crypto Valley need such a competition?
Crypto Valley is the melting point of the global blockchain scene. Many blockchain projects are founded here and this is not onyl due to the fact that the Ethereum foundation is based in Zug, Switzerland.
The competition also helps old economy market participant to better understand the generic trend of blockchain. It makes it more tangible for them. Which is very helpful and resources can be aligned accordingly.
3.) What differentiates the Blockchain Competition for Finance to other Competitions?
The Competition takes place in the heart of the Crypto Valley, which naturally connects you to some of the most influential players in the field. Another unique advantage is, that startups do not need to pay any fees to apply or to win the prize. There are no venture capitalist or other parties with hidden agendas. The participation is completely free with no strings attached. To our knowledge it is still the biggest event of this kind of format.
4.) How will the Blockchain Technology transform the Finance industry?
Well, a very good question. Indeed, many people think, that there is a huge potential that blockchain will transform the finance sector, and actually it was Satoshi Nakamoto’s vision to implement with Bitcoin a new kind of peer-to-peer electronic cash system, that would make cash transaction possible in a trustless environment in secure, fast and with less costs possible. This triggered a lot of projects who aim for changes in the finance sector. The question we cannot answer at this time, in my opinion, though is what kind of platforms and solutions will be used in a couple of years.
What seems quite obvious for me is that intermediaries who are today in the finance sector in order to establish trust between parties and govern the processes to prevent double spending will the sooner or later be in another role. I am also convinced, that we might soon also see new blockchain enabled products and for sure banks will enter in new fields of activities, like wallet/key management and cryptos will be seen as a new asset class.
5.) Is Switzerland’s financial industry prepared to the transformation?
We have a lot of discussions with the incumbents these days and I think, besides some legal, political and regulatory restrictions, many players of the Swiss financial market place are already seriously digging into the space. Some already have made the first steps by providing new services, and we see many who are working – for me – flagship projects, which could be seen as important milestone in the blockchain adoption. I would carefully watch out for new announcements.
6.) What is the role, the contribution of the Blockchain Competition for Finance?
Besides what I already said what is in for the startups, what we have seen in the last one for the insurance industry was, that the incumbent started to network on another level with united with a very specific topic. The feedback we got from them was, that they would have never done this, if the Blockchain Competition was not established. I believe, this union is very powerful for the specific Swiss industry sector and I hope that like a catalysator the innovation, as such the blockchain adoption, accelerates for a better sustainably competitive Swiss economy.
7.) Who is in the Jury and who are some of your Advisors?
The jury consists of top incumbent representatives and blockchain experts. It is framed with many very well connected advisors.
8.) Where will the top 10 Finalist present their ideas?
The top 10 finalists will have the chance to present their ideas during the Blockchain Summit Crypto Valley on 7th November in Zug.
9.) What is the benefit of setting up your company in Zug, the heart of the Crypto Valley?
As a matter of fact, Switzerland is a very entrepreneur friendly country with very liberal labor law, taxation as well as regulations. Some of the best university are in Switzerland, and as in the center of Europe you are everywhere very fast. Many startups have given us the feedback that they choose Switzerland as it with its direct democracy is very unique – the decentralization is in the DNA of Switzerland. You can see it for example with the many blockchain project that the public sector is doing. The authorities are very open and embrace this opportunity by enabling blockchain projects.
Paired with many other factor the result is amazing. Already more than 500 companies are working in this space and the community is fast growing. As a startup you find here all the building blocks to make your vision a reality.
About Daniel Rutishauser:
Head of Financial Services and Head of Blockchain, inacta AG
Daniels aim as an DLT/blockchain enthusiast is not crypto currencies, but beyond that advising startups going through an ICO and building their solution, as well supporting corporates in their blockchain endeavors. He is Shaping Crypto Valley's ecosystem from within as he is works as head of blockchain with inacta. He is convinced that the DLT concept with the underlying technology stack (aka "Internet of Value") will bring fundamental change for many markets and for the society - more than the Worldwide Web has done.