over 4 years ago
Challenges - Some inspiration for your prototypes
We’re super excited to see that you’ve signed up - numbers are growing rapidly! Please remember that all participants need to register to be eligible for a prize, so make sure to remind your friends and team members to click on “Join Hackathon” on the event page.
On November 19th, you’ll be able to form a team, define your idea, and start building out your prototype to win the Bitcoin Bankathon! With exactly 3 weeks to go until the opening ceremony, we thought it would be a good moment to start thinking about how to solve the Bankathon challenges.
Whether you’re still brainstorming or you already have a winning idea, it’s good to take a closer look for some inspiration:
Empower women
Many areas limit women’s financial inclusion, from gender discrimination to lack of financial products tailored to women’s needs.
How can cryptocurrencies and Open Banking help support women’s economic empowerment?
Consider some of the following:
- On the blockchain, no one can see your gender
- Credit scoring for single women with income
- Business loans
- Financial literacy
- Savings accounts for education
Redesign Remittances
Remittances play an important role in the Salvadoran economy, but they come with slow processing times and high fees.
How can bitcoin remittances cut costs and provide immediate relief for Salvadorans who rely on money from abroad?
Consider:
- Smart contracts enable real-time fund transfers
- Bitcoin is borderless
Build the next Neobank
There’s a high rate of financial exclusion in El Salvador. Whether it be the long journey to the bank branch or the lack of financial history to obtain a loan, numerous barriers have always existed for citizens trying to access financial services.
Consider:
- Remote onboarding
- Bitcoin loans and savings accounts can be convenient and profitable
- Improved credit scoring for BTC loans
- Compatibility with older versions of iOS and Android
Battle Climate Change
El Salvador is prone to storms, droughts, floods, earthquakes, and hurricanes. Many of these natural disasters are exacerbated by climate change.
How can banking and crypto help Salvadorans unite to tackle climate change and reduce its negative impacts?
Consider:
- You can calculate the Co2 emissions of a banking transaction
- Smart contracts enable regenerative agriculture programmes
- Smart contracts can provide more options in terms of energy consumption
- Some areas need insurance and immediate disaster aid
Empower Merchants
SME merchants can sometimes struggle to access financial products and obtain worthwhile funding.
How might we empower merchants using open banking data and smart contracts?
Consider:
- Point of Sales
- Improved business credit scoring
- Bitcoin business loans
- Business savings plans
Teams can build their prototypes around any of the above challenges.
For those of you wondering when you’ll get your hands on the APIs and documentation, we’ll keep you updated on the exact dates of the developer portal launch. But you can expect some interesting details about the platform in the following week!
We encourage you to think about these challenges - do some brainstorming, jump on discord to bounce ideas around, and remember to think outside the box.
You can also use discord to ask questions or to start searching for team members.
Happy brainstorming!