Switzerland is one of the largest insurance markets in Europe and its multiculturalism has opened doors for various blockchain startups to set its foundation in the Swiss market. Adding to it, Swiss will hold ‘Blockchain Competition 2017’ in Crypto Valley and is inviting startups and teams across the globe, to apply.

This first-of-its-kind event aims to attract significant ideas and applications of blockchain. The winner will receive price money of $100,000 and the top three entries will win free work space for an entire year, CoinTelegraph, stated.

Apart from blockchain startups and entrepreneurs, Blockchain Competition is also attracting Swiss universities including Lucerne University of Applied Sciences (HSLU), École Polytechnique Fédérale de Lausanne (EPFL) and ETH Zurich as well as Zurich School of Management and Law (ZHAW), University of Applied Science in Business Administration (HWZ) and Germany’s University of Konstanz, the news media said.

“The future is in technology - for insurance as well. The Competition continues Switzerland’s long tradition of innovation and we firmly believe that innovation is good for everyone, most of all the customer,” Peter Kappeler, CEO of life insurance company Pax, stated.

The competition will see advisors, coach and jurors from the industry including Lucas Betschart, co-founder of Blockchain Source; Olga Feldmeier, fintech expert; Dolfi Muller, Mayor of the City of Zug; Vasiliy Suvorov, CTO of Luxoft and Vice President of Crypto Valley Association; among others.

The competition deadline is on July 30, 2017 and later in November, there will be an award show for the winners that will be held in Zug.