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The future of blockchain looks bright, thanks to increasing adoption of Bitcoin’s underlying technology by leading industry segments. Innovation holds the key to widespread implementation of distributed ledger technology across industries. Thomson Reuters, along with Ernst Young and other blockchain players are trying to facilitate such adoption by organizing a Blockchain Hackathon.

The two-day blockchain hackathon is being held over the weekend, between 27th and 29th January 2017 in Baar, Switzerland. According to a communication received from a Thomson Reuters’ representative, the primary purpose of the blockchain hackathon is to engage the local Zug Crypto Valley community and explore new applications of blockchain technology in a controlled ecosystem.

The Thomson Reuters blockchain hackathon is being supported by Ethereum, Oraclize, and IOTA as technology partners. Both Thomson Reuters and EY aren’t new to the blockchain ecosystem. Both the companies are already involved in the technology space. Thomson Reuters already has a product, BlockOne ID currently running in beta phase which will soon receive an upgrade.

BlockOne ID is an identity mapping service for Ethereum blockchains. It can be used to secure web applications using OAuth 2.0, control access to web applications using smart contracts, ensure compliance with the application’s terms and conditions and more. The new upgrade is expected to improve the transparency, security, and experience offered by BlockOne ID.

The Thomson Reuters blockchain hackathon offers participants with a choice between three challenges. They can choose between Financial Services Applications – fighting fraud in the supply chain, Non-Financial Services Applications — exploring the intersection of blockchain and IoT and General Applications — user generated content monetization.

The teams participating in the hackathon will be evaluated based on the challenges, and the overall winner stands to win a prize of 10000 CHF. The top prize is followed by two runners up prizes of 2000 CHF each. Also, the participants will also get a chance to meet and compete against the winners of previously held London HackETHon.

With the hackathon opening soon, one can hope for few exciting product ideas and prototypes to emerge by the end of two days. It is to be seen whether the winning ideas will soon make it big in the market or not.

Ref: Thomson Reuters