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The Hashgraph Association, a non-profit organization accelerating the widespread adoption of the Hedera network worldwide, and the Fraunhofer Center for International Management and Knowledge Economy (IMW) have announced a collaboration to launch the Innovation Challenge. 76 Gesellschaft institutes and research units across Germany will present their ideas for solutions that are not yet solved or not sufficiently taken into account with blockchain/distributed ledger (DLT) technologies. Fraunhofer-Gesellschaft is the world’s leading organization for applied research, and Fraunhofer IMW is a social and economic institute in Leipzig.
The winning design ideas are expected to solve real problems and will be selected based on criteria of utility, network effects, and economic benefit, taking into account the total number of transactions, accounts created, and the total value that will be locked into the Heder network. Each winner will have the opportunity to participate in the “Hashgraph Innovation Program” – a professional learning and innovation program that allows start-ups, enterprises and governments around the world to develop enterprise-grade solutions on the Hedera network. The winning project ideas will receive professional training, engineering support, and grant funding of up to $250,000 to bring their ideas to life.
Kamal Youssefi, President of the Hashgraph Association, said: “The prestige and reputation of Fraunhofer as a center of excellence in research is just one of the reasons why we have launched this innovative challenge for their application institutes and research divisions. This competition will primarily reward quality use cases. We see time and time again that projects built on a solid foundation and the pursuit of utility will outperform projects based on exaggeration and outbursts. Fraunhofer researchers are some of the brightest minds in Europe and this competition aims to apply DLT to truly innovative ideas and co-create innovative new products and applications for the private and public sectors of enterprises. I hope that some special project ideas coming from the Fraunhofer community will take advantage of the huge real opportunities that Hedera network.
Dr. Robin Burger, Head of Innovation Finance at Fraunhofer IMW , said: “The Hashgraph Association and Fraunhofer IMW share many core values: commitment to innovation, bringing together established and disruptive technologies, and creating value in the real world through research. It is an honor to host this competition with The Hashgraph Association, and we look forward to working together to expand the horizons of human discovery enabled by distributed ledger technology.”
The DLT Innovation Competition will allow Fraunhofer researchers to submit design ideas that can be implemented on the Hedera network, a responsibly managed decentralized network with the smallest carbon footprint. Current projects on the network include the LG ART LABS NFT platform, the NEURON Drone Surveillance Network, and the Starling Framework for Data Integrity.
Stefan Deiss, Hashgraph Innovation Program Director , said: “We are delighted to be collaborating with Fraunhofer on this initiative and look forward to evaluating and selecting the most innovative ideas from its 76 institutes and research units across Germany. We are already collaborating with some of the world’s leading organizations and businesses in Germany to participate in this initiative with the prospect of adopting and benefiting from innovative research ideas implemented through our innovative Hashgraph program on the Hedera network.”
Each submitted idea will be judged by a panel of experienced moderators and a jury to determine its relevance, i.e. whether the idea described is appropriate for the task at hand; whether it offers sustainable added value to end consumers, society and the environment, or biodiversity; how revolutionary the idea is; the possibility of its implementation within a reasonable time; growth potential and economic benefit.
Fraunhofer employs over 30,000 people throughout Germany and the rest of Europe. The institute is leading applied research in a wide variety of areas, including 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-fighting clothing. The Innovation Competition is open to all topics and areas of research. Project ideas can be submitted until March 15, 2023. Fraunhofer employees interested in participating in the DLT Innovation Challenge can find more information about participation on the Innovation Challenge website .
About the Hashgraph Association
The Hashgraph Association supports training and educational programs for various industry verticals. At the forefront is digital empowerment and empowerment of the public through the widespread adoption of Hedera-powered enterprise-grade solutions and decentralized applications (dApps), which include 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 economic inclusion and positive environmental, social and governance (ESG) impacts.
Fraunhofer-Gesellschaft, based in Germany, is the world’s leading organization for applied research. By prioritizing key emerging technologies and commercializing his discoveries in business and industry, he plays an important role in the innovation process. As a pioneer and trendsetter in innovation and research, he helps shape our society and our future. Founded in 1949, Fraunhofer-Gesellschaft currently operates 76 institutes and research units throughout Germany.
About the Fraunhofer IMW Center for International Management and Knowledge Economy
Fraunhofer IMW draws on more than fourteen years of applied socio-economic research and experience. Around 220 employees from 24 countries support clients and partners in business, industry, politics, research and society to benefit from globalization and digitalization as a driver of innovation. The benefits of socio-economic and applied research for people, the dynamics of a knowledge-based society, and the future of industrial production are the focus of the institute’s international projects, networking and analysis.
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