5 youths win hackathon; plan start-up to crowdfund solar project
A group of five youths, including one from Chile, has won an international hackathon event, co-hosted by the NITI Aayog and others, for their idea on the implementation of blockchain in the Indian solar industry.
The blockchain is the latest technology that takes a digitized and decentralized approach to handle large data.
The hackathon was the largest in the world and saw 1,800 participants applying for the online round and 60 teams participating in the main event on August 3 and 4 in Hyderabad, the winners said.
They were adjudged winner in the event organized by the International Blockchain Congress, the largest gathering of innovators, businesses, technologists, regulators, start-ups, and enthusiasts in India to-date, Abhishek Pillai, one of the team's members, said.
“Team Unergia, after the massive encouragement received by all the members of the panel, has decided to turn their efforts into a full-fledged startup. They are implementing blockchain to crowdfund solar projects,” Pillai said.
India has a massive capacity to power itself through renewable energy but the high initial upfront cost and lack of sound financial system are thwarting the uptake, he said.
“Unergia is creating a platform powered by blockchain, to enable crowdfunding solar projects. The investors will have an incentive of getting high returns on their funds and roof providers will receive cheaper electricity. Unergia will remove middlemen and ensure transparency through blockchain,” he claimed.
The team comprises Farhan Ahmed, who hails from Hyderabad, Manan Mehta (Kolkata), Esteban Mino (Chile), Projjal Gupta (Chennai) and Pillai, who is from Mumbai.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)