European Investment Bank (EIB) brought together 56 coders from 15 countries in 12 teams for a 48-hour hackathon for finding ways to use blockchain technologies to improve the transaction processing of commercial paper.
A team from EY won a EUR5000 cash prize for the pitching of a solution that utilizes the combination of the blockchain, robotics, and business AI tools to optimize the issuance process. Also winning a contract with EIB, the team will further develop the effort which will help reduce the number of exchanges between the EIB and its counterparties while maintaining each one’s role within the ecosystem.
Alexander Stubb, vice president, EIB, says: “There will be major gains from the use of new technologies such as blockchain, generated from the simplification and streamlining of existing financial processes. The new perspectives opened up by digitalisation and Distributed Ledger Technology must be assessed and we must all be ready to make use of them and embark on this new venture.
“As the EU’s financial arm, we decided to be on the active side, learn by experience and make things happen, to be a facilitator and join with our banking partners to pave the way for tomorrow’s financial industry.”