BJP MP Tejasvi Surya and cryptocurrency investment platform CoinSwitch announced a Blockchain hackathon in collaboration with Startup Karnataka, a state government project.

The Building Future Cities hackathon, which is also backed by Sequoia India, aims to identify and promote Blockchain-based solutions to common issues faced by the nation's billions of citizens.

Building Future Cities' mission is to launch an India-specific Web3 innovation cycle, with a focus on supply chain, digital governance, and smart cities, the business stated in a statement.

"This hackathon enables Karnataka to carry this success story to the next frontier of technology -- Blockchain -- and empowers young innovators to utilise the power of Blockchain for public good," said Higher Education and IT-BT Minister, C.N. Ashwathnarayan.

The hackathon will challenge participants to envision a Blockchain-powered India, with a focus on smart mobility, energy credits and trading, decentralized waste management, secure digital identity and certificate management, efficient and transparent vaccine distribution, and farm supplies and supply chain management.

"We are now ready for the next big technological leap, to build a Blockchain-powered India. I am delighted to partner with CoinSwitch for a first-of-its-kind Blockchain hackathon and sow the seeds of India's future in Bengaluru," said Surya.

The hackathon will be held in Bengaluru on August 5-6.

The winners will be rewarded with Rs 3 lakh, with the total prize pool of the hackathon set at Rs 6 lakh. Participants can enter the competition individually or in a team of up to four members.

"At CoinSwitch, we have always believed that India will be the launchpad of a Web3 world. The hackathon is a step to realise this goal. I am excited to see what the young and smart minds of India bring to the table," said Ashish Singhal, Co-Founder and CEO, CoinSwitch.