The Hashgraph Association and Fraunhofer IMW Announce Innovation Challenge for the most promising Blockchain/DLT ideas through a Crowd Innovation Platform
Three winning project ideas of the innovation contest to be granted professional training and engineering support as well as grant funding up to $250,000 to develop on Hedera network.
Munich — 17 January 2023 — The Hashgraph Association, a non-profit organization accelerating the broad adoption of the Hedera network globally, and the Fraunhofer Center for International Management and Knowledge Economy (IMW) have announced a collaboration to launch an “Innovation Challenge” for researchers across all the Fraunhofer–Gesellschaft’s 76 institutes and research units throughout Germany to submit their ideas for solutions that have not yet been solved or insufficiently addressed by blockchain/distributed ledger technologies (DLT). The Fraunhofer-Gesellschaft is the world’s leading applied research organization, while the Fraunhofer IMW is a Leipzig-based socioeconomic institute. The contest will offer three innovative project ideas the opportunity to develop their research ideas and initiatives into enterprise-grade solutions and decentralized applications (dApps) on the Hedera Network.
The winning project ideas are expected to resolve real-world problems and will be selected based on criteria of utility, disintermediation, network effects, and economic benefit, while taking into consideration total number of transactions, accounts created, and total value to be locked on the Hedera network. Each winner will be awarded the opportunity to participate in the “Hashgraph Innovation Program” – a professional training and innovation program that empowers startups, enterprises, and governments around the world to develop enterprisegrade solutions on the Hedera network. The winning project ideas will receive professional coaching, engineering support, and grant funding of up to $250,000 to realize their ideas.
Kamal Youssefi, President of The Hashgraph Association, said: “Fraunhofer’s prestige and reputation as a center of excellence in research is just one of the reasons why we have launched this innovation challenge for their application-oriented institutes and research units. In this contest, quality use cases will be rewarded above all. We have seen time and again that projects built upon a solid foundation and commitment to utility will beat those based on hyperbole and flash. The researchers at Fraunhofer are amongst the brightest minds in Europe and this contest aims to apply DLT to truly groundbreaking ideas and the co-creation of new innovative products and applications for the private and public enterprise sectors. I hope to see some special project ideas stemming from the Fraunhofer community take advantage of the vast, real-world possibilities that the Hedera network affords.”
Dr. Robin Bürger, Head of the Innovation Financing Unit at Fraunhofer IMW, said: “The Hashgraph Association and the Fraunhofer IMW share many core values: a commitment to innovation, bridging established and disruptive technologies, and producing value in the real world from research–backed initiatives. It is a privilege to host this contest with The Hashgraph Association, and we look forward to working with them to expand the horizons of human discovery enabled by distributed ledger technology.”
The DLT innovation contest will allow Fraunhofer researchers to pitch project ideas that can be implemented on the Hedera network – a responsibly governed decentralized network with the lowest carbon footprint of any blockchain/DLT network in the world today, according to a recent study conducted by the University College London (UCL) . Current projects on the network include the LG ART LABS NFT platform, the NEURON Drone Surveillance Network, and The Starling Framework for Data Integrity , a comprehensive set of tools and principles that empowers organizations to securely capture, store and verify human history.
Stefan Deiss, Director of the Hashgraph Innovation Program, said: “We are excited to collaborate with Fraunhofer on this initiative and look forward to evaluating and selecting the most innovative ideas from its 76 institutes and research units throughout Germany . We are already engaging with some of the world’s leading organisations and enterprises in Germany to participate in this initiative, with the prospect of adopting and benefiting from innovative research ideas realized through our Hashgraph Innovation Program on the Hedera network.”
Each submitted idea will be assessed by a panel of experienced moderators and a jury on its relevance, i.e., whether the idea described addresses the challenge; whether it offers sustainable added value for end consumers, the society and environment, or biodiversity; how revolutionary or disruptive the idea is; its ability to be implemented within a reasonable timeframe; and its growth potential and economic benefit.
Fraunhofer employs over 30,000 people throughout Germany and the rest of Europe. The institute spearheads applied research across a wide range of fields, with recent use cases including the reuse of CO2 as an industrial raw material, the production of personalized finger joint implants using AI technology and the development of optimized infection control clothing, such as face masks. The innovation contest is open to all topics and research areas. Project ideas can be submitted until March 15, 2023. Fraunhofer staff members who are interested in participating in the DLT innovation contest can find more participation information at the innovation contest’s website.
About The Hashgraph Association
The Hashgraph Association supports training and education programs across multiple industry verticals. In the forefront is the digital enablement and empowerment of the public through broad adoption of Hedera-powered enterprise-grade solutions and decentralized applications (dApps), which includes innovation, accreditation, and certification programs. As a non-profit organization headquartered in Switzerland, The Hashgraph Association promotes and provides funding for innovation, research and development for the benefit of economic inclusion and with a positive environmental, social, and governance (ESG) impact. For information about The Hashgraph Association, visit www.hashgraph-association.com.
The Fraunhofer-Gesellschaft, based in Germany, is the world’s leading applied research organization. Prioritizing key future-relevant technologies and commercializing its findings in business and industry, it plays a major role in the innovation process. A trailblazer and trendsetter in innovative developments and research excellence, it is helping shape our society and our future. Founded in 1949, the Fraunhofer-Gesellschaft currently operates 76 institutes and research units throughout Germany. Over 30,000 employees, predominantly scientists and engineers, work with an annual research budget of €2.9 billion. Fraunhofer generates €2.5 billion of this from contract research.
About Fraunhofer Center for International Management and Knowledge Economy IMW
The Fraunhofer IMW looks back on over fourteen years of applied socio-economic research and experience at the Leipzig location. Around 220 employees from 24 countries support customers and partners from business, industry, politics, research, and society in benefiting from globalization and digitalization as a driver for innovation. The benefits of socio-economic and applied research for people, the dynamics of a knowledge-based society and future of industrial production are the focus of the institute’s international projects, networking activities and analyses.