EY Team Wins European Investment Bank’s 48 Hour Blockchain Hackathon
EY Team Wins European Investment Bank Blockchain Hackathon
As per Finextra, programmers from EY won the top prize for the recently concluded blockchain hackathon conducted by the European Investment Bank (EIB). The objective of the competition was establishing reliable methods of processing commercial paper by leveraging distributed ledger technology.
After realizing that the current method of issuing commercial paper was outdated and complicated, EIB, the EU’s nonprofit lending organization, conducted a hackathon that included 56 blockchain developers sourced from 15 countries. The developers were pooled into 12 teams. The competition coincided with the institution’s yearly conference that seeks to address challenges facing the financial sector. Its mission was to ascertain whether blockchain technology can provide a slating solution to the issue mentioned above.
Reportedly, the EY development team beta its competitors by creating an outstanding solution that incporparates AI, robotics and blockchain technologies. By combining these three technologies, EY established a solution that optimizes the issuance of commercial paper. Additionally, the solution substantially reduces the amount of exchanges between EIB and its partners, while upholding the role of each of the entities that make up the ecosystem. As a result, the EY team received a €5,000 cash prize as well as a contract with the EIB to develop a blockchain solution based on the proof of concept protocol.
Alexander Stubb, the VP of the EIB, was particularly enthused by the solution developed by EY and revealed that the bank will benefit considerably from the embracing and integration of distributed ledger technology. Precisely, Alex mentioned that the bank will simplify and streamline most of its process due to the adoption of this technology. Moreover, Stubb encouraged investors to embrace blockchain technology, as it opens up broader perspectives and has limitless potential.
Generally, European countries have adopted a favorable stance towards digital currencies and distributed ledger technology. A testament to this is the large number of European investors that are venturing into the crypto space. Last year, the EU outlined its intentions to allocate $540,000 towards the establishment of its Blockchain Observatory body. The primary role of the agency would be the formulation of acquiescent regulations to control blockchain startups as well as study the applicability of distributed ledger technology in the real world, especially within the financial sector.