A total of 63 teams participated in the Blockchain Olympiad Bangladesh 2020

Twelve out of the total 63 teams that participated in the first-ever Blockchain Olympiad Bangladesh 2020 will be selected for the international blockchain competition to be held in Hong Kong in July.

"The Blockchain Olympiad in Bangladesh turned out to be a well-organized event and an example for other countries," Lawrence Ma, president of the Hong Kong Blockchain Society, said while addressing an online press conference on Monday, according to a press release. 

"We are amazed by the quality of submissions and hope that in the future, this will bring some real change in the country." 

Mohammad Kaykobad, the convener of the competition, said Bangladesh has a bright future with blockchain technology, adding this could solve real-life problems.

Earlier on March 20-21, the organizers arranged a two-day webinar on blockchain technology, which was attended by more than 450 university students and recent graduates. The participants submitted 63 projects by the deadline of April 14.

The winners of the competition will be declared after April 30. The awardees will be given cash prizes as well as the sponsor for participating in the International Blockchain Olympiad.

Syed Farhat Anwar, director of the Institute of Business Administration (IBA), said blockchain technology will be implemented in every sector in the upcoming days, including finance, trade, health, and education.

 "This technology will have a deep social impact in our country," he said.

Blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable, secured, and permanent way. 

The Blockchain Olympiad Bangladesh 2020 has been organized by the ICT Division and the Leveraging ICT Project, the International Blockchain Olympiad in Hong Kong, and Technohaven Company Ltd. FBCCI, BASIS, and IBA are partners of the competition.