Global consultancy services firm EY, one of the key members of the Bitcoin Association of Switzerland, has held its first Blockchain Hackathon at the Bombay Stock Exchange in Mumbai, India from July 28 to 30.

According to Farokh Balsara, EY India Senior Official, the introduction of disruptive technologies around the world both offers challenges and new opportunities to businesses.

“The rapid advancement of disruptive technologies today presents businesses of all scales with serious digitization challenges and also new opportunities.”

The three-day event will focus on the creation of prototype models and the development of solutions for the various problems in society. The company also plans to hold similar events in different offices around the world.

EY India’s Sachin Seth assures that Blockchain has the capability to offer pointed solutions to such sectors as financial services, telecommunications and government services.

Conducted in the form of a competition, a Blockchain Hackathon is an event where ideators, developers and inventors can participate to create prototype applications leveraging Blockchain technology.

Since this technology is still in its infancy, there are still few developers who fully understand how its ecosystem works.

This event will offer participants to exchange ideas and gain more knowledge from the experts about Blockchain.

The event also aims to encourage innovators and developers to bring out their best efforts through competitions and to compensate the marketable ‘winning solutions’ that can effectively solve different societal issues via decentralized and scalable innovations.

The professional services provider also announced the inauguration of its new “Blockchain Lab” in New York. The facility will mainly focus on the development of software for financial services applications using Blockchain technology. The lab will complement the company’s innovation centers in London, England and Trivandrum in the Indian state of Kerala.