The project’s aim is to “explore how blockchain technology can tackle challenges in digital rights management and energy trading.” The mentorship is EY’s third Startup Challenge, and the first to focus on blockchain technologies. The inaugural event was held in the City of London too, at Level39. The second Challenge was held in Berlin, according to bravenewcoin.com.
The program lasts for six weeks and EY started accepting applications on July 11. The deadline is August 14. On September 6, six startups will be announced and begin the Challenge on September 12. During the project the selected startups will move into an innovation hub in the office space of a technology accelerator in Canary Wharf, London.
This year’s Challenge focuses on two key industry issues: Digital Rights Management (DRM) and energy trading. The company hopes to find blockchain-based solutions pertaining to IP rights, especially the ownership of proprietary content. Energy trading is a specific area of commodity trading that deals with real-time electricity flows using complex supply chains. Energy trading is believed to be in a particularly good position to benefit from the transparency of blockchains.
The program ends with a “showcase day” on October 20, when the startups will demonstrate their blockchain applications.
EY is headquartered in London and has more than 700 offices in over 150 countries. The company employed 212,000 people in 2015, with total global revenues of USD 28.7 billion, making the third largest of the Big Four accounting firms.
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