The said contest challenges developers and security researchers (and like) to develop a runtime mitigation technology for the issues regarding memory safety vulnerabilities. The most innovative idea that will be chosen will be awarded with US $200,000.
Other important information supplied by Microsoft are the following:
- Entries will be accepted and must be received by email to firstname.lastname@example.org between August 3rd 2011 to midnight Pacific Time on April 1st 2012.
- The winning entry will be announced at Black Hat USA 2012.
- For full details, see rules and regulations.
The term BlueHat (usually used in IT) refers to people or firm employed to test systems and applications for bugs prior to launching.
For further details about the said contest, you can see the event's site here or email them at bluehatprize[AT]microsoft[DOT]com.