By Maureen Walsh & Sean Moss-Pultz
Huge congrats to the Bitmark engineering team, who took first place in the first annual International Blockchain Hackathon!
On March 29–30, 2017, Intel, The Floor, and The Tel Aviv Stock Exchange (TASE) hosted the hackathon with intent to create blockchain solutions for leading financial institutions. Among an atmosphere of intense innovation, many worthy startups attempted to create real solutions for leading world banks, using blockchain technology.
Based on the business challenges to be introduced by The Floor’s financial partners, the International Blockchain Hackathon gave entrepreneurs and start-ups the opportunity to drive new applications, showcase technological capabilities, and create some business opportunities for new blockchain-based ventures.
During the two-day hackathon, the participating teams implemented use cases presented by the financial partners. There were 2 competing tracks: corporations & independent developers (first prize was 5 bitcoins) and startups (first prize was 3 months at The Floor).
The Bitmark engineers, joined by Tel Aviv University student Ayush Chandrato, won the corporate & independent category. They developed a supply chain system for digital production, helping rectify the challenge of 3d printing industrial products.
Challenge: 3D Printing Supply Chain Issues
There are three main issues within a 3D printing supply chain:
1) files contain sensitive IP,
2) copies of digital assets create issues with supplier trust, and
3) current systems have a weak payment infrastructure.
Bitmark’s Solution: Authenticated Digital Production
Bitmark created software to digitally produce and distribute products with secure provenance. With Bimark technology a manufacturer can create a new digital product with name, description, and citation of ownership. The manufacturer can procure and track digital components directly from suppliers via the blockchain. Manufacturers can then purchase digital assets via the peer-to-peer network that is the Bitmark blockchain. If needed, manufacturer can adjust to market demands in near real-time.
Big thanks to the Bitmark team for their win, and congrats to the many other teams who developed compelling solutions!