Los Angeles Mayor’s Office Creates ‘Block Tank’ Contest For Blockchain Projects
The Los Angeles Mayor’s Office of Budget and Innovation has recently decided to start a blockchain competition that will see several startups competing against each other in order to get a prize. This event will be a partnership between the local government, Goren Holm Ventures and the Information Technology Agency (ITALA) of the city.
According to the official press release that was sent out to the media, the event is set to be on October 15. The prize is pretty good. The winner gets $25,000 USD from the city of Los Angeles plus $25,000 USD in investments from GHV.
The Chief Investment Officer of ITALA, Ted Ross, affirmed that the organization has always tried to improve the lives of the locals by using technology, so it was necessary to give incentives for new companies to create the technology that could provide innovation.
At the moment, three areas are already open for companies that want to participate. These areas are online voting, environmental sustainability and the security of online identification.
From all the companies that will enter the competition, four will be selected and will show their projects to a board of judges. This board includes people such as Tim Draper, a billionaire investor who could basically change the course of a startup if it was able to grab his attention. More judges will be announced soon.