We are delighted to announce the launch of the Corda Challenge: 5G. Following on in the highly successful footsteps of our previous startup challenges–the Corda Challenge: Insurtech and the Corda Challenge: India, we are excited to bring together a group of leading telecoms sponsors, mentors and industry leaders to support startups leveraging Corda to create incredible 5G applications.
5G connectivity has the potential to transform not just the communications sector, but every aspect of our digital lives. From the way that we consume digital content, to the availability of online financial services, and even how medical procedures are delivered, there are a vast array of opportunities where 5G technology can deliver transformational outcomes. The pace of investment in 5G technology is also growing rapidly. In South Korea, there are already over 1,500 5G base stations deployed per million citizens, and in the US carriers are rolling out their standalone 5G networks. However, it is not just telecoms majors that delivering on the promise of 5G technology. Startups are leading the way in pioneering 5G use cases as well.
Things Protocol are an excellent example of a startup that has developed a platform on Corda to manage and finance IoT devices. This opens up the possibilities for individuals and companies to deploy at scale a variety of IoT devices that can perform multiple tasks, and to ensure that they are secure, transacting safely and financing correctly.
We are excited to launch the Corda Challenge: 5G with our sponsors–AWS, Swisscom, and Vodafone. Each is a leader in their field and are pioneers in the deployment of 5G technology. We are particularly excited to see how startups applying to this challenge use their abilities to be agile, disruptive and innovative to solve a challenging set of problem statements.
The challenge is now open for applicants and we encourage any Pre-Series A team to enter. We do not mind where you are at in your product development journey, so long as you believe that you have an innovative solution that can create significant value. This challenge is designed to take high quality teams from the ideation stage, all the way through initial design and prototyping to having a working PoC application that can be presented to prospective clients and investors at the end of the challenge.
Teams that enter will get access to support from R3 solutions engineers helping them to develop their application on Corda, as well as mentorship from blockchain and communication sector leaders.
The challenge will culminate in a Dragon’s Den style pitch event, where a winning team will be selected by each sponsor. These winners will get support from a sponsor to progress their business, as well as $15k investment from R3 in either cash or professional services. Winners will also receive a one-year Corda Enterprise license for one CorDapp.
We believe deeply in the power of the Corda startup ecosystem to create significant value and be able to deliver innovation rapidly. We are extremely excited to see what this challenge uncovers and to work with the talented teams that enter. Best of luck!!
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