Bitcoin companies are capturing the imagination of all aspects of life, simply due to the underlying blockchain technology that seems to offer an unlimited potential. It should come as no surprise then to find out several of these companies are winning awards and startup challenges around the world. BitSpark is the latest company in that list; they are one of the Singapore 2015 Startup Challenge Showcase winners.
2015 Startup Challenge Showcases in Singapore
Fintech has become a hot topic over these past few months, and Bitcoin is heavily involved in that space. When it comes to new financial innovation and technologies, there is no more disruptive a candidate than Bitcoin itself. Or, to be more precise, Bitcoin’s blockchain, as that is the true technological innovation.
Bringing new technology to the table is one thing, but Startup Challenge Showcases are looking beyond the technology itself. Startup companies have to come up with a proper implementation of that technology, preferably one that can become useful in our everyday lives in one way or another.
As you would come to expect from such showcases, there are quite a few companies who feel they have developed the “next big thing” in the world of Fintech. However, “competitors” have to face-off against one another in front of a panel of judges, who will determine whether or not a startup can move on to the next round – and hopefully win the final.
In the semi-finals of the Singapore 2015 Startup Challenge Showcase, five winners were chosen. One of those winners was a Bitcoin-related startup called BitSpark, a name most of our readers will have heard of by now. Their business idea revolves around using the blockchain to provide an end-to-end remittance service, as well as offer a blockchain-audible feature-rich trading exchange.
Other winners included Jewel Paymentech, Trustingsocial, Codapay and goSwiff. None of these other winners have anything to do with Bitcoin and blockchain technology, although most of their business models could benefit from using an open ledger at some stage. During the Asian leg of the Startup Challenge Finals, all five companies will be competing to win the grand prize.
Even if BitSpark do not win the competition, they have made it to the Finals, which is an amazing feat in its own right. It’s also a great way of putting Bitcoin and blockchain technology on the Fintech map in Asia. The Finals will be held in October of 2015, and will take place in Sibos, Singapore.
True Bitcoin believers will gladly tell you how the world of finance has not seen any true innovation over the past 50 years. Whilst that is true, the situation seems to be changing rather rapidly, as more and more developers and companies feel they have the proper tools to bring innovation to the financial ecosystem.
An example of that growing interest can be seen from the sheer number of competitors entering the Innotribe Startup Challenge this year. In total, 60 semi-finalists were selected, spanning four regions of the world. These semi-finals have been taking place in London, Cape Town, New York and Singapore over the past five weeks, and 20 finalists will compete in the Finals in Singapore later this year.
It will be interesting to see whether or not BitSpark can win the finals or at least end up among the top participants. We will find out in a few months from now!
Images courtesy of BitSpark, InnoTribe and Shutterstock