FINNOSUMMIT Challenge: Blockchain Edition, Powered by Algorand, aims to discover, promote, and empower teams transforming the industries throughout LatAm. Apply now until February 8th!
‘FINNOSUMMIT Challenge: Blockchain Edition Powered by Algorand’ seeks top teams leveraging blockchain or actively looking to integrate it into their solution to transform business and society in Latin America. The region is already home to world-leading examples of blockchain use from giant payment processors such as Cloudwalk; large banks like Davivienda; and innovative startups such as Koibanx, Valiu and Bitfy.
‘FINNOSUMMIT Challenge: Blockchain Edition Powered by Algorand’ is a partnership between Finnosummit (an initiative of Finnovista) and the Algorand Foundation. These 2 organizations share a common view on the potential of blockchain to revolutionize the global financial infrastructure.
An opportunity to have a true impact on Latin American society
This FINNOSUMMIT Challenge: Blockchain Edition, Powered by Algorand, seeks to generate greater awareness around the development, innovation, and impact of this technology in the continent.
Over the next five to ten years this technology has the potential to revolutionize fields such as:
- Supply chain management. This is particularly important for Latin America, which is a large worldwide producer of coffee, lithium, and copper. Leveraging blockchain in the supply chain could help increase transparency and promote more equitable-practices.
- Electronic voting. Blockchain could also help make electronic voting more secure and to quickly validate land registry.
- Bitcoin and other cryptocurrencies using blockchain technology. They are also becoming more and more attractive for Latin Americans as a form of investment and to protect their savings against inflation.
Eligible Teams
Teams applying to this FINNOSUMMIT Challenge can be of any size but should ideally have a minimum of an MVP or wireframes and workflow pipelines for their solution. They should be leveraging blockchain in some part of their product and must be focused on the Latin American & Caribbean markets, although teams can be from outside of this region. The Challenge is also open to existing teams that may not presently use blockchain technology, but want to use FINNOSUMMIT Challenge: Blockchain Edition Powered by Algorand as an opportunity to add it to their current product.
Some of the services and solutions considered for FINNOSUMMIT Challenge: Blockchain Edition Powered by Algorand may be but are not restricted to: Fintech, Insurtech, Logistics, Supply Chain Management, Land Registry, Trading & Capital Markets, Projects With Strong Environmental Impact, Projects with Strong Social Impact, Voting, Financial Education and Financial Inclusion for Underbanked and Unbanked, APIs Internet of Things, Analytics Tools, Security, Big Data or Digital Commerce.
Take your project to the next level
The top 10 teams will be invited as finalists to present at ‘FINNOSUMMIT Hour’, the largest regular gathering of the Fintech community in Mexico and Latin America. The winning team will be awarded $15,000 USD. Teams placing second and third will receive $7,500 USD each, while teams that place fourth and fifth will be awarded $5,000 USD each respectively.
Teams in the top 3 will also be eligible for a development award of up to $50,000 USD, set at the discretion of the Algorand Foundation depending on the complexity and significance of projects to the Algorand community. In addition, teams that receive monetary prizes will be eligible for potential investment of up to $50,000 USD from Borderless Capital (subject to further due diligence and terms).
Finalists will also be assigned a mentor from the Algorand ecosystem to provide them with specialist expertise in areas such as technical development, product marketing, and capital raising.
If you and your team are transforming business and society in Latin America through blockchain-based solutions, we invite you to participate in the competition and take your startup to the next level! Deadline is February 8th, apply now!
About Algorand Foundation
The Algorand Foundation is a not-for-profit organization that has a vision of a borderless, frictionless economy built on public, decentralized blockchain technology. The Foundation envisions a wide breadth of applications being built on the Algorand protocol by a new, broader community of blockchain and mainstream developers. The Foundation is committed to facilitating this innovation in a sustainable and eco-friendly manner. For more information, visit https://www.algorand.foundation.
