DBS Bank To Host Blockchain Hackathon

DBS Bank, the largest bank in Singapore by asset value, is hosting a blockchain hackathon from 8 May to 9 May 2015. The hackathon comes with a cash prize of $15,000 for first place, $10,000 second place, and $8,000 for the third place. The event is being sponsored by IBM, one of the few large tech companies that has publicly declared blockchain interest. The company recently announced plans of integrating Bitcoin or blockchain technology into the Internet of Things communication and value transfer protocols.

The DBS Bank, previously The Development Bank of Singapore, is one of the largest banks in Asia and the largest bank in Singapore. It operates in 17 different markets. The bank has total assets of over 400 billion SGD. It has international operations in most major Asian economies including China, India, Dubai, Hong Kong, Japan, South Korea, Philippines and also has branches in the UK and USA.

The theme of the hackathon is “How can we use blockchain technology to make banking services more successful, joyful and secure in developed and emerging markets?” and the event is trying to attract all programmers, whether they currently deal with Bitcoin or any of the blockchain technologies or not.

There are two challenges for the event, one for emerging markets and one for developed markets.

“How can blockchain technology be used to make bank-like services accessible, safe and easy for the ‘unbanked’ and those in developing markets?”
— – Emerging Market Challenge
“How can blockchain technology make the existing banking experience more joyful and efficient? Can existing bank offerings (payment, loans, mortgages etc.) be more efficient and less costly? Can banks offer new services?”
— – Developed Market Challenge

With a focus on technology, the event has several technology partners who will be providing Application Programming Interfaces (APIs). These interfaces are becoming increasingly common in the Bitcoin and cryptocurrency space, since they allow for fast and rapid development of potentially quite challenging technologies. Often used by startups in the space, APIs make data access mush easier, and provide increased connectivity.

The features of well implemented APIs greatly reduce the time spent by new startups on issues such as security. For this event, Luno (formerly BitX), Colu and Blockstrap will be the API providers. Missing, notably are Chain and Gem, the two most prominent API providers in the US – and both well funded startups in their own right.

The judges for the event are; Neal Cross, Chief Innovation Officer at DBS Bank; Markus Gnirck, Co-founder and Global COO at Startupbootcamp FinTech; Ron Hose, CEO at Coins.ph; Dr. David Lee, Director of Sim Boon Kee Institute Financial Economics, SMU; and Dušan Stojanovic, Founder and Director at True Global Ventures 2.