Blockchain Challenge Fund Showcase
Demonstrating the Potential of Blockchain
Curious about the untapped potential of blockchain technology? Need to separate fact from fiction and discover real-world applications? You’re in the right place.
Overview of the Blockchain Challenge Funds
Unleashing Blockchain’s Power in Wales
Blockchain Connected is at the forefront of Wales’s emerging blockchain industry. Our mission is to unite the blockchain sector, advocate for its needs, and build a brighter future by promoting its tangible impact.
As the blockchain community flourishes in Wales and global economic dynamics shift, innovation becomes more crucial than ever. Blockchain’s potential is unlimited and ubiquitous, yet it is poorly understood. While the desire to innovate grows, a gap persists between the desire to research and develop with blockchain, and organisations’ capacity to prioritise emerging technologies.
Enter the Blockchain Challenge Funds, presented by Blockchain Connected and funded by Welsh Government. The aim: to fund pioneering proof-of-concept projects and demonstrable prototypes to showcase blockchain in real-world scenarios, not theoretical ones. These Funds helped to raise awareness of blockchain, showcase its applications in a variety of industries, and empowered organisations to better understand if and how they could benefit from blockchain.
Case Study Showcase
Blockchain Proof-of-Concepts
In 2022, Blockchain Connected delivered the first Challenge Fund which focused on proof-of-concept projects to research and test the feasibility of blockchain technology in context of key cross-sector challenges.
After an incredible response, nine projects were funded. The projects span across agriculture, finance, fishing, energy, medicine, film, steel, and transport. Below, the Blockchain Innovators describe the projects in their own words.
Watch the Blockchain Feasibility Case Study Series
Case Study Showcase
Blockchain Demonstrators
In 2023, Blockchain Connected delivered the second Challenge Fund which focused on demonstrable prototype projects to test blockchain technology in context of real-world data and processes.
Eight projects were funded, across healthcare, transport, steel, food, space, and carbon. Below, the Blockchain Innovators describe the projects in their own words.
Connect with the Innovators
Learn more about the companies behind the projects
- Bloci Carbon – BlociCarbon offers a transparent, ethical approach to carbon offsetting in partnership with Welsh farms. Our blockchain technology ensures validation of carbon credits and fosters cyclic reinvestment in carbon reduction and biodiversity.
- Buzzmint – Buzzmint enables brands to quickly and easily mint tokens utilising blockchain technology and creating functional and engaging campaigns for their loyal community.
- Cardiff Metropolitan University – This multidisciplinary research centre aims to establish Cardiff Met at the forefront of blockchain research and the industry 4.0 revolution by undertaking cutting-edge research on blockchain and other distributed technologies – like the Internet of Things and artificial intelligence.
- Digipharm – At Digipharm, we believe in the power of value-based procurement to improve patient outcomes and reduce costs for health systems.
- Finboot – Accelerating digital transformation, realising value and building trust through blockchain. MARCO – The world first Enterprise Connectivity Platform.
- iov42 – The identity platform for building trust. We ensure organisations, governments and societies can coordinate confidently in the digital space by enabling trusted, transparent and secure transactions.
- nChain – Transforming the world from Web2 to Web3. We empower your Web3 transformation with best-in-class blockchain technology, development, applications, and consultancy.
- Stofl – Transitioning to the decentralised data centric world where blockchain forms the foundation of the new tokenized economy.
- ubloquity – ubloquity specialises in creating the foundational platform required to underpin a digital trust network. Our blockchain technology captures multiple sources of data, processes and verifies that data, enabling the trust ecosystem to function, while delivering value to each participant in the network.
- Zenotech – We deliver market-leading high-performance computing tools and consultancy services for businesses in the aerospace, automotive, civil and renewable energy sectors.
Challenge Categories
Supply Chains | Net Zero | Circular Economy | Digital Record & Identity
Solving Public & Private Sector Challenges
New technologies represent a fundamental change in the way we live, work and relate to one another. This Challenge aims to deliver small scale, fully funded prototypes that will provide case studies using real-world data to evidence how blockchain technology can meet cross-sector challenges.
Participants will apply the versatility of blockchain technologies to key categories, in order to empower essential areas of concern with cutting edge solutions.
Blockchain can provide:
Transparency | Trust | Security | Efficiency | Traceability
Supply Chains
Although many supply chains are able to operate in almost real time, there are key areas where processes and records can be improved. Regulatory requirements and consumer demand are asking for better traceability and security. To combat this, industry leaders are already exploring and implementing blockchain technologies. Are you remaining competitive in the digital world?
Circular Economy
A true circular economy in Wales will boost efficiency and profitability as well as help reach environmental sustainability. The ability to track and trace all components of an economy, such as plastic, creates a data challenge. In order to be fully circular, information must be kept throughout all stages with little or no information loss. Could blockchain provide an efficient, immutable solution for all parties to use?
Net Zero
In Wales, our aim is to reach Net Zero by 2050. All sectors need to reduce and eliminate emissions. Long-term well-being for Wales means recognising the limits of the environment and therefore prioritises sustainable solutions. Vitally, only what is measured can be managed. This makes data and records essential for everyone tackling Net Zero. Is blockchain technology the solution?
Digital Identity & Record
Digital adoption has been accelerated by the pandemic and this has huge implications for digital identity and key records in healthcare, education, land registry, and more. Security and trust are key for these areas. Can blockchain provide the answer?
Who Could Participate in the Challenge Funds
- As fully-funded Welsh Government programmes, whilst open to participants across the UK and EU, one participant of each collaborative application had to be based in Wales.
- This Funds were open to Challenge Owners and Innovators already working together, who need support to push their innovative ideas.
- This Funds were also open to Challenge Owners and Innovators who weren’t yet working together, to collaborate on new ideas and deliver a prototype.
- The Funds were independent of each other – Demonstrator projects did not have to be involved in the first fund to be eligible, and they were still eligible if they had.
- Funding was provided to the Blockchain Innovator to deliver a demonstrable prototype using real-world data, in collaboration with their Challenge Owner.
The Challenge Fund process
Organisations with pressing ideas and issues to solve would share project ideas as Challenge Owners
> Blockchain Innovators could then connect their innovative solutions with Challenges
> Combined, a Challenge Owner and Innovator applied to secure funding to build their proof-of-concept or demonstrator
> An independent panel of judges, both private and public sector, reviewed the applications
> Shortlisted applicants made a final live Pitch to the judges on Pitch Day
> Funding was provided to the selected Innovators to deliver the project with their Challenge Owner