IBM has been motivating developers to create apps with the help of its Watson artificial intelligence system, which as per the company is going to be a huge moneymaker for it in the near future.

The company kicked off its latest push on Wednesday, promising $5 million in prizes for the one, who builds biggest breakthrough with the help of Watson by 2020.

The company said, “We're inviting teams from around the world to develop and demonstrate how humans can collaborate with powerful cognitive A.I. technologies capable of solving some of the world's grand challenges”.

By grand challenges, the company is thinking of something huge, listing past achievements, including the moon landing, human genome mapping, and attempting to deal with climate change.

Peter Diamandis, founder of XPrize launched the contest on Wednesday at the TED conference in Vancouver, British Columbia. XPrize is collaborating with IBM on the project.

The announcement of the winners will be made at TED 2020. An IBM spokeswoman said that three winning teams are going to split $4.5 million of the prize money, which means each one of them may pick up $1.5 million and rest $500,000 will aid funding projects along the way. All the cash is being put up by IBM.

Every year, between now and 2020, teams will have a fight at IBM's World of Watson conference, and the winners will take a step to the next year. A panel of expert judges will evaluate them for technical validity and the heroism of their mission.

Watson started as a giant server system, winning the Jeopardy contest on TV in 2011. Presently, it’s a distributed system, living in the cloud, its different A.I. technologies, including image recognition and language processing, are provided as services through programming interfaces.