Fintech Valley Initiative launched first of its kind Blockchain Product workshop for four weeks with an objective of building products based on blockchain and develop student entrepreneurs. Blockchain Product Workshop was hosted by GITAM University as part of Government of AP and APITA initiative and IDEALABS was the Knowledge and implemented Partner. The program which kicked off on 15th May concluded on 12th June 2017.
Blockchain Product Workshop had a participation of 100+ students from 15 colleges from different parts of AP. During these four weeks, 26 product prototypes on the Blockchain have been successfully created by students. On the valedictory day, Shri JA Chaudary, Special Chief Secretary & IT Advisor to the Chief Minister – Govt. of AP also the main driving force behind positioning Vizag as the Fintech Valley. addressed the participants and announced all the support from Govt for all the teams which would take it forward.
Some of the product ideas include
- V-Surance, Claim process is simplified & Fraud Claims are eliminated
- Swap Contract, Its an application wherein the companies do not lose any exchange rates in the swap contract.
- Digi Pacta, DIGI PACTA generates digital agreements among its users with their unique identification instead traditional paper and ink model.
- E-Rewards, giving rewards to the employees based on employee performance.
Spurious Drug Tracking, Tracking the spurious drug to protect the people and genuine organisations.
- GREO(Global Registry of Economic Offenders), This is a registry of all Economic offenders who swindle money and flee away from one country to another countries.
- E-Verify, An application where Human Resources professionals can directly verify employee’s history from the block chain.
- Claim Sure, Idea is to detect fraudulent claims occurring in insurance companies. By bringing the details of claims into a network in block chain and they can be validated to pay the valid ones.
- Chronosphere, People interested in playing games need to buy the complete version but most likely people tend to use a pirated version of the game, This application helps in preserving the rights of the version when kept in the blockchain.
The Team Chronosphere received a written offer of 50 lakhs from an MNC for their prototype developed at the Blockchain Product Workshop. What is more exciting is that the team is not keen on taking the offer and want to go ahead and have their own startup incubated in the college in technical collaboration with Idealabs.