After three months of dedicated mentorship, the blockchain proofs of concept (POCs) of Filix Medtech, DIAAS Limited, and Alphabrain HK edged past their peers to claim the top awards on the presentation day of Block adVenture, an accelerator programme jointly organised by Cyberport, R3, and FORMS HK.

The event featured the POCs of seven start-ups and their ingenious blockchain applications. The winning application has incorporated blockchain technology into a traditional Chinese medicine quality control system. Wong Wai-kong, founder of champion Filix Medtech, said: “By using blockchain to record the manufacturing data, wholesale distribution, and sale of Chinese medicines, consumers can verify the herbs’ origins and quality to ensure their efficacy.” As for the first and second runner-up, Cyberport incubatees DIAAS and Alphabrain HK, they have applied blockchain to small amount remittance and music distribution respectively.

The diversity of solutions exemplified how blockchain is gaining currency across industries. It also adds weight to the urgency of Hong Kong to accelerate its blockchain development to capture the opportunities and lead the sector’s growth.

Eric Chan, Cyberport’s Chief Public Mission Officer, said: “Blockchain applications have become prevalent across industries. We are delighted to witness the completion of the participating companies’ innovative projects. Cyberport will continue to work with industry leaders such as R3 and FORMS HK to promote the application and adoption of blockchain technology and turn Hong Kong into a regional blockchain hub.”

Programme participants received mentorship guidance from R3 and FORMS HK to refine their ideas and POCs. Then, on Presentation Day, the judging panel selected the top POCs with the best impact, innovation, and technology for further incubation and support.

“The professional one-on-one mentorship we received was invaluable in helping us resolve technical issues, and the meetings connected us to different stakeholders to build relationships, validate our business- and product-market fit, and consequently, grow faster,” added Wong.

All winners will receive further technical and business mentorship from R3 and FORMS HK. They will also gain access to the investor networks for investment matching and to the Cyberport Enterprise Network for business matching. Additionally, they will receive a free Corda Enterprise Development License and be nominated to the Cyberport Creative Micro Fund and Cyberport Incubation Programme to bring forward their innovations.

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