Second day

8:00 a.m. Breakfast
9:30 a.m. Submit products to the judging system
10:00 a.m. End of developing。 Audiences allow to enter in
11:00 a.m. Demo/Presentation time for teams 3min for each team
11:30 a.m. Lunch (Demo is still going)
2:00-3:00 p.m. Announce the winner teams & prize-awarding ceremony（will adjust the end time according to the situations）
3:00 p.m. Hackathon end

Challenge

1. WANXIANG BLOCKCHAIN LABS

Task: How to design a blockchain-based, decentralized identity system for financial services?

Challenge Description

Description:
Identity systems, like user names and user data, are a key element of most commercial services. Examples of identity systems include social media accounts, credit scoring accounts, public services accounts, and digital wallet accounts.

Currently, almost all online identity systems are managed by centralized parties. Your accounts and data are controlled by third parties and stored on their servers. The disadvantage of this approach is its lack of protection to users on the unauthorized use of their data, its lack of data portability for users to transfer data to other platforms, and its susceptibility to malicious hacking.

Many people believe that blockchains, through their use of public-private key cryptography and secure shared ledgers, allow for decentralized control of user identity data. As identity is at the heart of many financial applications (for example, a financial provider needs to verify that a user has the authority to transfer assets or data, and the financial provider needs to have a secure ledger to track which users own which assets or data), there are strong opportunities to create decentralized identity systems that improve user experience in financial services.

Challenge Prize:

1. Champion: Cash prize of $30000 HKD
2. 1st Runner-up:Prizes worth up to $15000 HKD
3. 2nd Runner-up:Prizes worth up to $5000 HKD

Hackathon strategic partner:

About Hong Kong Cyberport

Cyberport is an innovative digital community with over 1,000 technology companies. It is managed by Hong Kong Cyberport Management Company Limited, which is wholly owned by the Hong Kong SAR Government. With the vision to become a main force in developing the digital tech industry as a key economic driver of Hong Kong, Cyberport is committed to nurturing youth, start-ups and entrepreneurs to grow in the digital industry by connecting them to strategic partners and investors, driving collaboration with local and international business partners to create new opportunities, and accelerating digital adoption amongst corporates and SMEs. Cyberport focuses on building key clusters of digital tech, namely FinTech, Big Data/AI, e-commerce and IoT/Wearables, to foster the development of Hong Kong into a “Smart City”. With a committed team of professionals providing all rounded value added services to support our digital community and an array of state-of-the-art tech facilities, Cyberport is the flagship for Hong Kong’s digital tech industry.

About WANXIANG BLOCKCHAIN LABS

Funded by China Wanxiang Holdings, Wanxiang Blockchain Labs is a non-profit research institution focusing on Blockchain technology. Wanxiang Blockchain Labs provides support for the research, entrepreneurship, developments and applications in the industry. It will also provide reference information for regulatory bodies. Overall, Wanxiang Blockchain Labs dedicate itself to the promotion and application of Blockchain industry, and to explore how the technology will be contributing to the development of the economy and the society.

As the first research organization in China and determines to devote itself to promote the development of blockchain technology globally, Wanxiang Blockchain Labs has been hosting global blockchain summits in China, which have become one of the most influential industrial events in Asia. Through these efforts, participants from various industries have showed great interest in blockchain technology and the known the potential of what it could bring to the world.