Barclays Will Become a Blockchain Hackathon Sponsor with the Purpose of Learning the Opportunity to Use Technology for Derivative Contracts Processing

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British investment bank Barclays announced its intention to invest in Blockchain Hackathon. It is reported that in this way Barclays intends to search for the optimal solution for optimizing the process of contract processing using Blockchain technology. Also, Barclays cooperates with Deloitte, the International Swaps and Derivatives Association (ISDA) and Thomson Reuters, which will participate in the event.

During the two-day DerivHack event, participants will be able to present their ideas and try to implement them using the ISDA (CDM) common accounting technology.

ISDA CDM is a way of digitally displaying events and processes that may occur in the course of trading in derivatives. It is reported that the technology will improve the coherence and interaction between companies and platforms.

Barclays report that special attention is paid to complex systems that can mimic the derivatives market and provide data on sample trade in the ISM CDM for their implementation.

Earlier this year, many argued that Barclays was exploring the possibility of launching a platform for trading in cryptocurrency. According to an anonymous source, the bank studied the level of interest of clients in the cryptocurrency area. The general director of the bank, Jes Staley, denied the rumors, noting:

“Cryptocurrency is a real challenge for us because, on the one hand, there is the innovative side of it and wanting to stay in the forefront of technology’s improvement in finance… On the other side of it, there is the possibility of cryptocurrencies being used for activities that the bank wants to have no part of.”

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