Dutch Crypto Company Seal Тo Compete in EU Blockchain Hackathon

Seal team will face several other competitors in June EU Blockathon.

by Marin Marinov
23 May • 2 min
In Tech

Dutch crypto company Seal will compete in the upcoming European Union (EU) Blockchain hackathon, the company said on Tuesday. Seal will face nine competitors in the EU Blockathon in June that aims to create blockchain-based anti-counterfeiting solutions to combat fake products.

The Seal Network team, led by chief executive officer (CEO) Bart Verschoor, is developing a mobile application where consumers and government institutions can verify product authenticity. The app will combine capabilities of blockchain as Distributed Ledger Technology (DLT) with near-fielded communication (NFC) chips, the technology that enable connection between portable devices like smartphones.

The European Commission has rightfully identified that anti-counterfeiting is one of the best use cases for distributed ledger technologies,” Bart Verschoor said in a statement.

Seal is an Amsterdam-based company that currently raises funding for its blockchain-based authentication system through an Initial Coin Offering (ICO). The company said it has sold 94 million tokens so far. One Seal token is 0.0001 Ethereum (ETH) at the time of publication.

EU Blockathon

The winner of Blockathon competition, to be held between 22 to 25 June in Brussels, will be awarded EUR 100 000. Among selected teams are BigChain DB, a Toyota and Daimler-backed blockchain decentralization database, and the Czech affiliate of Space Systems, a Finnish software and systems engineering company, specialised in high reliability systems.

The Blockchain hackathon is organized by the European Commission (EC) and the European Union Intellectual Property Office (EUIPO). The technical support to the teams is provided by UK audit and tax company Deloitte as well as DutchChain and Bencom Group, both software companies from the Netherlands.

 The EUIPO is determined to explore the potential of blockchain to interconnect systems and ensure security and immutability of data… We believe a strong networked alliance can be built to secure logistics, ensure the authenticity of goods, protect consumers and combat criminal and illegal activities”, Antonio Campinos, EUIPO Executive Director, explained the idea behind Blockathon.

Counterfeit sales are one of the main challenges for the European Union Intellectual Property Office. Fake goods and copyright infringements cost the Union EUR 90 billion every year and loss of over 800 000 jobs, EUIPO data reveals. Around 43% of EU’s GDP relies on intellectual property rights (IPR) that supports 38% of jobs and businesses. The percentage of consumers in the European Union, who said they had mistakenly bought a fake product doubled to 10% in March 2017 from 4% in 2013.