Startups to Develop Blockchain for Energy Trading in EY Innovation Hub

Accounting giant EY has announced today that six startups have been selected to participate in its next EY Startup Challenge, focusing on building Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term solutions for digital rights management and energy trading.

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During the six week programme, which begins on 12 September, the startups will move into an innovation hub in the office space of a technology Accelerator Accelerator An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he Read this Term in Canary Wharf, London. They will have access to a selection of mentors from EY and EY’s clients, a series of educational workshops, and regular contact with market leading businesses. The programme ends with a showcase day on 20 October where the startups will demonstrate the solutions they have built.

The startups involved are: Adjoint - a new messaging and consensus protocol that allows enterprises to deploy, maintain, and analyse a network of smart contracts; The Bitfury Group; BlockVerify; BTL Group LTD (TSXV:BTL); JAAK - a Smart Content platform for digital media; and Tallysticks which leverages the functionality of blockchain for integrating various ERP and accounting systems.

Jamie Qiu, founder and Lead of the EY Startup Challenge, comments: “We are hugely excited to explore together with these six startup businesses how blockchain can be used to transform digital rights management and energy trading. These two key areas are ripe for change and we believe blockchain has the potential to bring about notable enhancements in productivity and transparency. We think that the prospective impact of this technology outside of the financial services sector is enormous, and we look forward to exploring this collaboratively.”

Rahul Gautam, Partner and Head of TMT Advisory Services, EY UK and Ireland, adds: “Blockchain represents a unique opportunity for media companies to accelerate their growth ambitions by simplifying the secure production, management, and distribution of content to audiences around the world. The EY Startup Challenge will fuse the best thinking from the Blockchain startup community with EY’s people and clients to produce functioning solutions that demonstrate the art of the possible.”

The company says that all of the solutions and prototypes that are built during the six weeks will have the opportunity, if selected, to be further developed to a pilot state with EY providing ongoing, hands-on support and longer-term access to its network, resources and expertise.