The Los Angeles Mayor’s Office of Budget & Innovation and the city’s Information Technology Agency (ITALA) have partnered with Goren Holm Ventures (GHV) to host a blockchain startup contest called Block Tank.
According to a Goren Holm Ventures press release published on Sept. 16, the event will take place in front of a panel of celebrity judges at investment-focused blockchain conference CIS.
Investing in local innovation
Winners will receive a $25,000 minimum investment offer from GHV and a $25,000 pilot project with the city. Ted Ross, the City of Los Angeles’ CIO, said:
“Utilizing cutting-edge technologies to improve the lives of Los Angelenos has always been a priority for ITALA. […] We’re excited for our partnership with GHV to explore and source blockchain solutions at CIS.”
The areas eligible for the pilot project are environmental sustainability, online voting and secure resident IDs. Four startups will be chosen by the city to be judged by the panel including billionaire investor and Bitcoin (BTC) proponent Tim Draper, who recently said that a $250,000 price prediction for Bitcoin is conservative. More judges will be announced after their participation is confirmed.
As CryptoNewspeople reported earlier today, information technology service management giant Gartner foresees blockchain becoming transformative for most industries within 10 years.