SA Innovation Summit which is South Africa’s premier global innovation event partners with insurance service company Santam for blockchain hackathon which is to take place from 23-24 September 2016.

The hackathon will investigate the use of digital asset and currencies like bitcoin as a cheaper payment tool compared to conventional methods. The blockchain hackathon invites South Africans to build a new and disruptive platform which will change the insurance landscape.

Nathan van Rooyen, Head of Digital Business Support at Santam said that “Fraud is a critical challenge for the insurance industry and we at Santam work with other stakeholders to promote awareness of fraud as well as continually improving our systems of detection and prevention.”

Speaking about the company’s collaboration with summit, Rooyen said, “We have now partnered with the SA Innovation Summit to challenge blockchain experts to use this innovative technology to find solutions to fraud that the industry could adopt. Preventing and reducing fraud will benefit consumers and insurers alike.”

The blockchain hackathon will see programmers, creatives and other changemakers who will work together to leverage blockchain technology. The hackathon will also explore smart contracts, automated payments etc. The prize for the hackathon includes R10,000 cash for the winning team, along with training courses from The Bitcoin Academy. It will also include spot prizes during the event.

Santam is the leading insurer in South Africa with a market share in excess of 22%. Founded in 1918, the company provides a diversified range of general insurance products and services in southern Africa and to global markets.