Affinidi Finnovate Hackathon
Next Generation Digital Identity Solutions
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#trust #selfsovereignidentity #financialservices #verifiablecredentials
Organized By
About Us
As a Web 3,0 company, Affinidi, is building innovative solutions for the future. Participate in our hackathon to share with us your best in class ideas how you think digital identities and data will change the financial services industry.
The Hackathon will consist of 2 key phases:
Phase 1: Proposal submission, which should include: (3 weeks)
- What real world problem is being solved for?
- Is there an identified trust gap and how can VCs solve this?
- What is the product and how will VCs be used as part of the solution
- Expected quantifiable and qualitative benefits, as a result of implementing the VCs
- Business model and initial view on commercials
- High level implementation timeline
Phase 2: MVP Implementation and build: (3 weeks)
- Leverage Affinidi’s technology tools and resources provided to build a prototype
- Detail tech and product specific considerations when building/implementing
- Describe which part of Affinidi’s technology tools and resources were used, and why
- How will the MVP be built such that they can be developed into concrete product implementations in the future - how do ensure reusability?
Problem Statements
Participants are expected to ideate and build an innovative solution leveraging VCs, using Affinidi’s full suite of web 3.0 technology tools and resources, to address real world problem statements in financial services.
Address real world problem statements in the financial services sector, using Verifiable Credentials,
Participants are expected to ideate and build an innovative solution leveraging VCs, using Affinidi’s full suite of web 3.0 technology tools and resources, to address real world problem statements in financial services.
How can Affinidi’s Offerings enhance or improve your existing business model? Possible areas can include:
- Streamline / improve existing processes?
- Improve revenue and/or monetization?
- Reduce / mitigate risk and fraud?
- Improve trust across stakeholders?
Sample use cases currently observed in the market: (but are not limited to)
- General Financial Services - For e.g. Reduce time taken for customer onboarding process, e.g. KYB/KYC
- Loans - For e.g. Enable a trusted view of an individual or enterprise’s lending profile and credit history
- Sustainability and ESG - For e.g. Improve overall reporting and tracking of ESG related metrics
- Insurance - For e.g. Improve and streamline the verification process in insurance claims
More information about Verifiable Credentials:
- What are VCs? - https://academy.affinidi.com/what-are-verifiable-credentials-79f1846a7b9
- Why use VCs? - https://academy.affinidi.com/8-reasons-to-use-verifiable-credentials-300833276b52
- What are some real world use cases today? -
- 25 broad use cases - https://academy.affinidi.com/25-real-world-use-cases-of-verifiable-credentials-4657c9cbc5e
- Opening a bank account - https://academy.affinidi.com/opening-a-bank-account-a-use-case-for-verifiable-credentials-53ea478b5414
- How DIDs work: https://academy.affinidi.com/demystifying-decentralized-identifiers-dids-2dc6fc3148fd
AWARDS
Up to USD 20k of prizes to be won!
1st prize: USD 20k
2nd prize: USD 15k
3rd prize: USD 10k
Eligibility
1. You are a FinTech company
2. You have raised funds and are between Seed to Series B
3. You have a product that you are / in the process of scaling
4. You are interested / have a great idea in the SSI/digital identity space
FAQ
What is the eligibility criteria to participate in the Hackathon?
This hackathon is open to fintechs in early to mid-stage of development, including seed stage, raising/raised funds. You should have a product, developer resources and have scaled/are in the process of scaling
Do I need a team?
Yes, we expect companies to form internal teams, up to a maximum of 5, minimum 3. The team should comprise of members across technology, business, etc
What is the registration process like
Within your team, please select a representative to register on behalf of the team
Is there a cost to participate in the Hackathon
No, it is free
Who should participate?
Any FinTech companies that have an interest or are involved in Self Sovereign Identity (SSI) and Web 3.0 technologies
Is there a geographical restriction?
No, but the hackathon will be conducted during GMT +8 hours
What are the prizes to the Hackathon?
1st prize - 20k USD2nd prize - 15k USD3rd prize - 10k USD
Can my company submit more than 1 proposal?
Yes, but each proposal should address different real world problem statements across the financial services sector
Can more than one company apply with the same solution
Yes, we recognise that some solutions are a product of industry collaboration
What is the judging process?
There will be 2 rounds:
The first will shortlist proposals submitted down to 20
In the second round, shortlisted proposals will have the opportunity to build and have your prototype be judged by our panel of esteemed judges
What deliverables will I need to submit?
Phase 1: A business proposal detailing why, what and how a problem statement will be solved using Verifiable Credentials (VCs)
Phase 2: A prototype built with Affinidi’s technology
What is the judging criteria?
The judging criteria will be based on the following 3 categories:
Innovation
What real-life problem is being solved for?
How will the solution improve trust across the use case?
Technology
Does the Prototype leverage Affinidi APIs and its open source stack?
Are VC Schemas designed to be interoperable?
How feasibile is the user journey?
Is the prototype functional and fully working?
Business
How does the business model look like?
How scalable is the proposed solution?
How feasible is the implementation timeline?
Will it be mandatory to leverage on the Affinidi technology stack for our prototype submission?
Yes
What are the key components to be included in the proposal submission?
The proposal should minimally include these key elements:
What real world problem is being solved for?
What is the product and how will VCs be used as part of the solution?
Expected quantifiable and qualitative benefits, as a result of implementing the VCs
Business model and initial view on commercials
High level implementation timeline
Will there be channels or support in case there were further questions?
We will have varying levels of support:
A discord channel: XXX where you can post your questions and we will get back within 24 hours.
Ask me Anything (AMA) sessions, which will be organised twice, once on XXX Jan and second on XXX Feb
Weekly clinics
Before attending these sessions, please prepare your questions beforehand.