The Swiss banking bigwig UBS’ worldwide competition named the “Future of Finance Challenge” for the technology startups and the entrepreneurs is going to cover the blockchain applications and technologies, cryptocurrencies and digital vaults.
UBS will award a sum of $50,000 to the top performer with more than US$300,000 in total to be distributed. UBS has said that it will provide more than 300 hours of dedicated coaching and mentoring from experts to the winners.
Such competitions open gates for innovations in this field and also provide a gateway for budding entrepreneurs and it is also an excellent forum to showcase what blockchain and other disruptive technologies can do and how they can improve the transactional experience of the consumer.
UBS’ interest in the blockchain and the affiliated technologies is not new; the bank had earlier tested waters when it had announced that it will focus on the technology behind the peer-to-peer network Bitcoin in order to explore how blockchain can be utilized in the mainstream financial services.
During this announcement the bank had also said that its first investment in the blockchain research will help bring together technology experts from the bank and the financial technology community who would not only study and experiment on the blockchain technology but also develop new disruptive technologies. These technologies will allow space in finding out an effective cost-control method for the financial industry.
It should also be mentioned that this banking giant is among the first few banks that have gone ahead with their plans on the blockchain technology. So, in case you are considering enrolling for the competition, you have roughly 36 days to do so i.e. until 23rd September 2015. The regional finals will take place from 2nd-13th November 2015 while the global finals will be held on 10th December 2015.