Crypto investing platform CoinSwitch on Friday announced a Blockchain hackathon in association with Startup Karnataka, a state government initiative, along with BJP MP Tejasvi Surya.

The Building Future Cities' hackathon, also supported by Sequoia India, is aimed at recognising and stimulating Blockchain-based solutions to everyday problems faced by billions of people in the country.

Centered around the themes of smart city, digital governance and supply chain, Building Future Cities' aims to kickstart a Web3 innovation cycle tailored and customized for India, the company said in a statement.

"This hackathon enables Karnataka to carry this success story to the next frontier of technology -- Blockchain -- and empowers young innovators to utilise the power of Blockchain for public good," said Higher Education and IT-BT Minister, C.N. Ashwathnarayan.

The hackathon will challenge participants to envision a Blockchain-powered India, with a focus on smart mobility, energy credits and trading, decentralized waste management, secure digital identity and certificate management, efficient and transparent vaccine distribution, and farm supplies and supply chain management.

"We are now ready for the next big technological leap, to build a Blockchain-powered India. I am delighted to partner with CoinSwitch for a first-of-its-kind Blockchain hackathon and sow the seeds of India's future in Bengaluru," said Surya.

The hackathon will be held in Bengaluru on August 5-6.

The winners will be rewarded with Rs 3 lakh, with the total prize pool of the hackathon set at Rs 6 lakh. Participants can enter the competition individually or in a team of up to four members.

"At CoinSwitch, we have always believed that India will be the launchpad of a Web3 world. The hackathon is a step to realise this goal. I am excited to see what the young and smart minds of India bring to the table," said Ashish Singhal, Co-Founder and CEO, CoinSwitch.