How IIT Blockchain Hackathons Drive Innovation In Fintech?

How IIT Blockchain Hackathons Drive Innovation In Fintech?
Picture of Amrit Satpathy

Amrit Satpathy

Ecosystem Manager

NayaOne Blockchain Hackathon 2022 hosted in collaboration with the Indian Institute of Technology-Kharagpur (IIT Kharagpur) and Code Club, was a four-day long intensive tech hackathon, where the participants worked to create synthetic data and interoperability-focused solutions to tackle two main challenges in the blockchain industry.

IIT Kharagpur is one of the leading technology institutes in India and features among the top ten public universities in the country. Meanwhile, Code Club is the Society of Computer Science & Engineering at IIT Kharagpur. The virtual hackathon attracted an impressive 350+ coders, 100+ teams, and 160+ data. Over 500+ API calls and 100+ sandpits were launched during the event.
NayaOne x IIT Blockchain Hackathon 2022 presented two challenges to the participants: ‘Blockchain Network Forecasting’ and ‘Interoperable Blockchain Model’. The challenge, ‘Blockchain Network Forecasting’ aimed to leverage large volumes of data from many decentralised sources over blockchain networks to create synthetic data, capable of emulating existing as well as future attributes of consumers, markets and scenarios. For instance, a viable blockchain forecasting project could be one that takes many individual data points and combines them to inform the prediction of future consumer behaviour.

The second challenge catered to the interoperability of blockchains. Blockchain interoperability refers to a blockchain’s ability to freely exchange information and transact with other blockchains. Every asset that is held and every transaction that is made is recorded on a specific blockchain. A use case for this could be exchanging two different cryptocurrencies, say Bitcoin and Ethereum for one another.

What are the IIT blockchain hackathons?

The four-day IIT Blockchain Hackathon started off with a Bootcamp session. This was designed to introduce participants to the NayaOne Digital Sandbox-based hackathon platform to ensure they were best equipped to create their solutions during the event. The participants were offered mentorship by India’s renowned blockchain expert, Kamlesh Nagware, CTO, of Snapper Future Tech. The participating teams were also able to access the mentorship and guidance throughout the four-day event to resolve their blockchain and other coding-related queries.
The IIT Blockchain Hackathons included over 350+ participants forming more than 100+ teams. The participants had access to over 500+ industry APIs from the NayaOne Marketplace, over 150+ synthetic datasets and a customised platform to support blockchain-based projects. Over 160+ data and 500+ API calls were launched during the hackathon by the participants. The solutions were judged by an expert panel on parameters of Data Accuracy, Complexity, and Relevance of the Data Model chosen to model and predict, Clarity of Presentation, Quality of Code, and the Practicality of solution implementation.

The winning team ‘Chained Together‘ was awarded for developing the most feasible solution to the challenge with the creation of industry-level synthetic data. The first runner-up team, ‘AI/ML Data Analysis‘ and the second runner-up team ‘Doge Miners‘ also showed innovation, curiosity and hard work in creating solutions to the challenge.
Speaking on the win at the event, Lakshya Satpal and his team “Chained Together” said, “It’s exciting to be able to come together with other professionals to proffer solutions to some of the biggest problems plaguing the Blockchain industry. We have to say a big thank you to NayaOne for the platform. We truly can’t wait to see us build the Blockchain industry, we all deserve to take India ahead”.
The students had been looking for an opportunity to practically work on blockchain-based projects and demonstrated good coding skills and enthusiasm throughout the coding event. The team used the Artificial intelligence model to forecast the future price of Bitcoin and other cryptocurrencies. It was a first-time blockchain industry exposure for many of the participants and ignited their spirits with more curiosity and excitement for exploring blockchain.

We are happy to see how the first edition of NayaOne x IIT Blockchain Hackathon 2022 turned out and we are grateful to all who participated, mentored, and our internal teams for such a seamless execution. It’s heartwarming to see a new generation of thinkers who are passionate about solving the industry’s issues and building the future of finance.

I can’t wait to see NayaOne x IIT Blockchain Hackathon 2022 grow as we continue to build our industry and help interested individuals find their X-factor and launch their careers with more such events with other IITs in India.

Karan Jain
CEO NayaOne
IIT Blockchain Hackathons illustrate the possibilities and opportunities that can be created when like-minded individuals collaborate efficiently and effectively. The participants were able to build solutions to disruptive technology and challenges just in a matter of a few days. Their innovation and ideation capabilities were accelerated by the API library and datasets provided by NayaOne, which enabled them to work with a range of functionalities. All the teams presented incredibly beneficial solutions that could be developed further to devise deployable solutions for the blockchain industry.

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