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5 youths win hackathon; plan start-up to crowdfund solar project

Press Trust of India  |  New Delhi 

A group of five youths, including one from Chile, has won an international event, co-hosted by the Aayog and others, for their idea on implementation of in the Indian solar industry.

is a latest that takes a digitised and decentralised approach in handling large data.

The was the largest in the world and saw 1,800 participants applying for the and 60 teams participating in the main event on August 3 and 4 in Hyderabad, the winners said.

Five youths under the banner of 'Team Unergia' concentrated on implementing into the solar industry during the

They were adjudged winner in the event organised by the International Blockchain Congress, the largest gathering of innovators, businesses, technologists, regulators, start-ups and enthusiasts in to-date, Abhishek Pillai, one of the team's members, said.

Their idea of developing a crowdfunding platform for solar projects fetched them a cash prize of Rs 1 lakh during the event, he said.

Team Unergia, after the massive encouragement received by all the members of the panel, has decided to turn their efforts into a full-fledged start up. They are implementing blockchain to crowdfund solar projects, Pillai said.

has a massive capacity to power itself through but the high initial upfront cost and lack of sound financial system is thwarting the uptake, he said.

Unergia is creating a platform powered by blockchain, to enable crowdfunding solar projects. The investors will have an incentive of getting high returns on their funds and roof providers will receive Unergia will remove middlemen and ensure transparency through blockchain, he claimed.

The team comprises Farhan Ahmed, who hails from Hyderabad, (Kolkata), (Chile), (Chennai) and Pillai, who is from

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, August 11 2018. 11:25 IST