The Mortgage Bank of El Salvador opened a call for a hackathon applied to the use of Bitcoin in the banking system. In the event, called “Bitcoin Bankathon”, developers from all over the world will be able to participate.
The participants of the competition will have as a goal to create innovative banking and financial applications that allow the Banco Hipotecario offer Bitcoin-based services to Salvadorans . According to an email sent to the writing of CriptoNoticias, the applications must be built on a platform provided by four technological partners of the Bank: Open Bank Project, API3, Qredo and Sovryn.
At the beginning of the present In October, Banco Hipotecario, whose majority share capital belongs to the Salvadoran State, announced the strategic association with the four blockchain companies mentioned above. At that time, it was announced that the goal of the alliance was to facilitate the increase of financial inclusion in El Salvador, as reported by CriptoNoticias.
3 weeks, 5 challenges
The Bitcoin Bankathon event will begin on November 19 and will run until December 5 of this year. Participants can register now, as a group or individually, in which case they will be incorporated into a team.
During the event the developers will have to face 5 challenges. The first is the construction of the next Bitcoin-enabled ‘Neobank’. The goal is for the platform to be fully inclusive for El Salvador by 2022.
The rest of the challenges include applications for remittances, systems based on smart contracts aimed at facilitating financing to merchants, models for the fight against climate change and the financial empowerment of women through Bitcoin.
A quarter of a million dollars in prizes
The event will offer participants tutorials with specialized mentors, networking sessions and learning to guide them in the construction, design and presentation of their idea. The jury will be made up of a panel of experts, both from the Mortgage Bank and the allied companies.
The prize pool amounts to the equivalent of USD 250 thousand, of which the winner of the “Best Overall Product” will win USD 150 thousand ($ 50 thousand in organizer and sponsor tokens; and $ 100 thousand equivalent to 6 months of production support). The rest of the prizes range between USD 50 thousand and USD 10 thousand.
Celina Padilla, president of Banco Hipotecario de El Salvador, pointed out that “to be successful in creating a more inclusive financial services landscape for the citizens of El Salvador, we must begin to proactively drive innovation” . In his opinion, an event like the “Bitcoin Bankathon” allows innovation to flow and applications based on Bitcoin are created that eliminate the barriers that prevent access to financial services.