Coinbase is excited to launch our first open innovation challenge, The goals of this challenge are to: 1) identify innovative new uses for blockchain technology and 2) to raise awareness of blockchain’s unique capabilities.
We are interested in new ways to use blockchain technology that address critical global issues such as environmental sustainability, healthcare, education or financial inclusion. Or you may prefer to target something of personal interest. Whether your problem is big or small, global or local, we would love to hear your ideas for how to use blockchain’s unique capabilities to build a better world. Submissions must include an outline of the issue that needs to be addressed, an explanation on why blockchain technology is appropriate, and an action plan for implementation.
Winning submissions may be considered for further development and possible implementation by Coinbase. Certain prize winners could also be offered the opportunity to work with Coinbase on their solution or attend blockchain training sessions. To this end, up to 11 competitors with the most compelling ideas will be invited to a virtual pitch session where solutions are presented directly to the Coinbase team.
Blockchain technology is the foundation for cryptocurrencies such as Bitcoin and Ethereum. But blockchain can offer countless other benefits to areas beyond finance. Blockchain technology is used to electronically secure and record information using a system that is transparent, trustworthy, and decentralized, making it difficult to hack.
A blockchain is a digital ledger of transactions that is duplicated and distributed across the entire network of computers on the blockchain. Each block in the chain contains several transactions, and every time a new transaction occurs, a record of that transaction is added to every participant’s ledger. This means if one block in one chain was changed, it would be immediately apparent that an unauthorised change had occurred. Furthermore, if hackers wanted to alter a blockchain system, they would have to simultaneously change every block in the chain, across all the distributed versions of the chain.
If you are new to blockchain, the articles and tutorials in the Resources tab provide plenty of information to help you formulate a successful entry. Furthermore, these resources are incredibly interesting and educational, whether you enter the challenge or not! You’ve definitely come to the right place to learn about blockchain, digital ledgers and cryptocurrency.
Coinbase wants to raise awareness about blockchain and its unique capabilities. Why not sign-up for a free account and complete the ‘learn and earn’* interactive tutorials on their website to earn some cryptocurrency as a reward? As well as learning about earning crypto, these tutorials may give you inspiration for the challenge as well. Blockchain technology is revolutionizing our world and has the power to make our lives better. Tell your friends and help spread the message!
We want to raise awareness about blockchain, and make it more inclusive and accessible to everyone! The purpose of this challenge is to seek innovative ideas for how the unique attributes of blockchain technology could solve some of our world’s current problems. Solvers will need to first identify a problem and then explain why blockchain is an appropriate solution. Finally, an action plan is required that articulates how the blockchain-based solution could be implemented. Coinbase is interested in proposals where blockchain technology could deliver successful solutions and innovations across different industries, not just finance and digital markets. All proposed solutions must be legal in the USA and adhere to Coinbase’s ethical values and standards.
Some examples of where blockchain is used in sectors outside finance include:
- Supply chain management where stock itemization, movements and transfers are recorded on the blockchain.
- Qualification and credential controls where personnel records are secured confidentially through blockchain.
- Notarisation of critical records where a file is given a unique identifier and stored on the blockchain.
- Safety critical task ledgers where records of actions and decisions are secured via blockchain technology.
- Evidence chains where confidentiality of the contents is maintained but the detail on administration control is secured publically on the blockchain.
This is a tough challenge and consequently the prize purse and winner bonuses reflect this. There are also some special category prizes to encourage really unusual and different approaches. All finalists and any additional entries recognized by the judges will receive an exclusive Coinbase Innovation Challenge Non-Fungible Token (NFT) to recognize their valuable contribution to this important work. Furthermore, up to eleven winners will receive awards in a cryptocurrency of their choice through a Coinbase account. Winners may also be offered the opportunity to work with Coinbase to develop their ideas further. Please note that prizes must be paid into Coinbase accounts so make sure you sign-up and meet the requirements stated in the challenge.
To help the judges determine the winners and special category prizes, up to eleven competitors will be invited to a virtual pitch session where they will have 3-5 minutes to pitch their ideas and 10 minutes to answer questions from the Coinbase team. After these pitch sessions conclude, the judging panel will determine their final rankings and award the challenge prizes.
This is your chance to be at the heart of the blockchain revolution and to help solve problems that really matter. Only new and innovative concepts are likely to succeed, so ingenuity and creativity will be key. The deadline for entries is Dec 14, 2021 at 11:59PM EST. Don’t miss out!
We encourage entries from individuals and teams that work in all sectors. Health professionals, teachers, environmentalists, social workers, artists, the creative industries, entrepreneurs, researchers, scientists, students, and anyone eager to contribute, should jump into this challenge and share their ideas. Don’t worry if you’re not an expert in blockchain technology or cryptocurrency! We’ve got you covered with tutorials, primers and other educational material (see the Resources tab) to help you gain an understanding of the concepts and technology behind blockchain.
Up to eleven prizes (totaling $10,000) are available as follows and will be awarded as either Bitcoin or Ethereum, depending on the winner’s choice:
|1st||$3,500 in cryptocurrency|
|2nd||$2,500 in cryptocurrency|
|3rd||$1,500 in cryptocurrency|
|4th||$750 in cryptocurrency|
|5th||$500 in cryptocurrency|
|6th||$250 in cryptocurrency|
|Coinbase Giving Special Awards (for submissions outside the Top 6)|
|Best submission related to healthcare||$200 in cryptocurrency|
|Best submission related to education||$200 in cryptocurrency|
|Best submission related to financial inclusion||$200 in cryptocurrency|
|Best submission related to environmental sustainability||$200 in cryptocurrency|
|Most original submission||$200 in cryptocurrency|
|Total Prize Purse||$10,000 in cryptocurrency|
|Selected Individuals and Teams||The opportunity to work with Coinbase.|
|All finalists and selected entries noted by the judges.||An official Coinbase Innovation Challenge NFT.|