A startup building an ethereum-based platform for IoT applications has won $100,000 at a blockchain hackathon in Dubai.
Project Oaken was awarded the top prize during a presentation at the World Government Summit, a Dubai government-sponsored event focused on smart governance held this week in Dubai.
Unveiled in late November, the Blockchain Virtual GovHack was aimed at promoting blockchain-based solutions for advancing smart city applications. The initiative was organized by AngelHack, with support on the technology side from ethereum startup ConsenSys.
Project Oaken was one of three finalists presented during the event’s awards ceremony. According to the event’s organizers, 131 projects were submitted, encompassing more than 1,000 total participants. In the end, nine were shortlisted. Two other teams – Team Land Registry and Health Blocks – also made the final round.
In its official pitch for the competition, Project Oaken modeled the use of smart contracts to automatically pay for tolls, driving a Tesla as a test vehicle.
As the startup explains:
While the hackathon is concluded, that doesn't mean that Dubai is finished with blockchain.
Last week, government agencies within Dubai announced an expansive trade finance-focused blockchain trial, being conducted in partnership with IBM. Also involved are Banco Santander and NBD Emirates, two banks have that also worked with the tech in the past.
Image via World Government Summit
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.