It will be the first of its kind for blockchain developers after giant banking corporation, Barclays announced that it is organizing “DerivHack,” a hackathon that could help revamp the global derivatives market.
The event is scheduled to take place on September 20-21 and will simultaneously be conducted at Barclays Rise accelerator spaces located across London and New York. According to the event outline, a panel of independent judges drawn from the industry, academia and the public sector will judge the feasibility and effectiveness of proposed solutions and prizes will be awarded.
Best DLT For Post-Trade Processing?
The hackathon is calling on developers to “apply ISDA’s Common Domain Model (CDM), a set of process and data standards, using their choice of distributed ledger technology (DLT) platform.”
Applying these processes and standards on popular DLT platforms such as Ethereum, Hyperledger Fabric, and r3 Corda will at the end of the day enable the organizers to determine which of the platform handles derivative life cycle smart contracts most elegantly.
Also, because the CDM is believed to harmonize the way data is presented and reported across different firms and platforms, industry specialist think that it could be the primary force that motivates the financial industry to adopt DLT and smart contracts.
To organize DerivHack, Barclays has partnered with the International Swaps and Derivatives Association (ISDA), Deloitte and Thomson Reuters. The event will provide an opportunity for blockchain devs to showcase their creativity as a way of delivering solutions for the processing of derivatives.
“Innovation is critical in our industry as it increases competitive advantage and provides meaning differentiation to companies,” read the hackathon invitation. To realize the full benefits of blockchain with regards to derivatives post-trade processing, the organizers believe that the industry must address existing fragmentation in data and processing.”
Over time, it has been proven that blockchain among many other things could overhaul post-trade processing and also bring about efficient gains for businesses. Barclay’s hackathon could help this course by revealing the best DLT for this purpose.