Terms and conditions
About the Blockchain Innovation Challenge
As part of the Blockchain Innovation Challenge, South Australian entrepreneurs are invited to come up with a project idea for how blockchain technology could improve operational efficiency, enable business model innovation, or influence how business, government and society interact.
A prize pool of up to $100,000 is available for the best ideas that meet the eligibility criteria and these terms and conditions.
Definition of blockchain
A blockchain is a distributed record of events or transactions (often referred to as a distributed database or ledger) that is tamper-resistant, tamper-evident and cryptographically secure.
A blockchain allows untrusted parties to reach consensus on a shared digital history, without a middleman or trusted third party. When multiple, consistent and independent copies of the record exist, it is harder to falsify and the record is resistant to system failure, as there is no single point of failure.
Some examples of blockchain include:
- Provenance chains: blockchain can support ownership claims for high-value assets such as jewellery and art, origin claims for food (certified organic or fair trade) and wine.
- Financial services
- Voting/democracy: infrastructure for casting, tracking and counting votes
- Internet identification
- Critical infrastructure security
- Real estate: recording, tracking and transferring land titles, property deeds, liens
- Executable contracts: contracts in a blockchain that contain software code that automatically executes when a contract condition is met
- Secure storage of personal data
- Energy management: enabling decentralised energy generation, sharing and payment amongst a community without requiring trust.
Originality of ideas
All ideas must be original and must not have been developed or implemented in another jurisdiction. Applicants must have all the necessary rights to submit the project idea.
The Blockchain Innovation Challenge is open for applications until midnight Monday 4 February 2019. Applications must be lodged through blockchain.yoursay.sa.gov.au.
Ideas will initially be screened by the Department of the Premier and Cabinet for eligibility.
To be eligible, applicants must meet the following criteria:
- Be aged 18 years or older (or have parent/guardian approval)
- Reside in South Australia (or be willing to relocate)
- Hold or be willing to obtain an Australian Business Number (ABN)
- Have approval to submit the project idea (when under the age of 18 or when submitting the idea on behalf of an organisation)
- Submit their project idea by midnight Monday 4 February 2019.
Ideas that are deemed eligible and pass the screening processes will subsequently be assessed by a judging panel against the merit criteria.
The judging process
The judges will assess ideas against the following criteria:
- Clear articulation of blockchain application
- Technical feasibility
- The potential for implementation, sustainability and scalability
- Appropriate use of blockchain technology
- The benefit to South Australia
- Project impact (e.g. economic, social, technological).
After an application has been submitted, applicants may be asked for further supporting material to assist the judges' assessment. It is the responsibility of the applicant to provide any additional information to the panel within specified timeframes and in a format that the panel can access.
The panel will use the outcome of this assessment to shortlist the best ideas as finalists.
The Blockchain Innovation Challenge may choose to publish the finalist's ideas.
Finalists will progress to the idea incubation stage of the Blockchain Innovation Challenge. During this stage, finalists will be supported through workshops and mentoring to further develop their project ideas.
On 18 March 2019, finalists will pitch their ideas at the ADC Global Blockchain Summit to compete for a share of the $100,000 prize pool. The criteria by which the prizes are awarded will be decided by a judging panel.
All ideas must be received by midnight Monday 4 February 2019.