An eCedi hackathon has been announced by the Bank of Ghana in partnership with EMTECH Solutions in order to give FinTechs, developers, and innovators the chance to create cutting-edge solutions that investigate various use cases of a Central Bank Digital Currency (CBDC).
A Hackathon is an event that brings people with technical backgrounds together for problem-solving and developing new ideas.
Details of the Hackathon
A 12-week innovation competition called the "eCedi Hackathon" will take place during which inventors will strategize ways to solve Ghana's problems with financial inclusion. Developers, entrepreneurs, and blockchain aficionados will be able to display their ingenuity at the event by investigating the various applications of CBDC technology and making contributions to the development of Ghana's digital financial ecosystem.
The event will finish in a conference where outstanding solutions will be honored with an award presentation.
In order to generate ideas and develop functional prototypes or software applications, the event will bring together programmers, designers, engineers, and other experts, typically with different backgrounds and skill sets.
The project, which is a component of the eCedi research project, offers the Bank the chance to learn about cutting-edge technology, encourage creativity, and improve eCedi development.
Goals of the project
The following are some of the goals of the eCedi Innovation Challenge:- Encourage local developers to demonstrate their originality by working with peers to propose creative answers to problems relating to financial inclusion based on the eCedi;
- Encourage the Bank of Ghana, banks, and payment service providers to share knowledge about CBDC;
- Offer a chance for networking and cooperation with other businesses and software developers who specialize in the CBDC field.
Anticipated Use Cases
The suggested innovations are anticipated to make advantage of eCedi tokens and APIs to produce tools or prototype solutions that solve the following use cases:
- eCedi usage in business-to-business interactions
- Payments made to the government using eCedi (G2P, P2G)
- Use of eCedi in Trade (C2B, B2B) and Agriculture
- Data Privacy when using eCedi to hold or transact
- For incoming remittance, use eCedi.
- eCedi usage for nefarious transactions must be stopped
- The eCedi should be interoperable.
- KYC develops eCedi solution models.
- Potential cross-border payment and transaction models
Applications for the eCedi Innovation Challenge will be accepted beginning on October 6, 2023 to October 20, 2023
Visit the official website at www.bog.gov.gh/eCedihackathon for additional details.