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Barclays Bank Partners With Major Powerhouses to Sponsor Hackathon

Barclays, famous British investment bank, is now in a watering partnership with the Big-Three market majors:  Deloitte, ISDA and Thomson Reuters, in a bid to find the best blockchain solution to the processing of derivative contracts.
According to the announcement published on Barclay’s official website, the investment bank, in conjunction with the’ big three,’ would be sponsoring a two-day Hackathon geared solely at finding the best solution possible to increase the efficiency of derivatives contracts processing.
The two-day DerivHack Hackathon would provide partakers the ample opportunity to implement their ideas, knowledge, and invaluable intuition in applying the ISDA Common Domain Model (CDM) to distributed ledger technology. The final aim of the event is to provide solutions to use cases in the post-trade processing of derivatives contracts.
Why is Barclays exploring a blockchain solution focused particularly on working alongside the IDSA Common Domain Model (CDM)? This is because the ISDA (CDM) basically allows a general and agreeable unanimity between different firms in regard to the infrastructure of the derivatives market, thus facilitating a standard that must be followed and which every trade is based upon. This way, there is a general consensus or format where Blockchain technology can be built on.
Participants of DerivHack, which would be taking place in New York and London, will base their solutions on already predetermined derivative based use cases, by simulating sample data through the efficient use of ISDA’s CDM. As explained earlier, IDSA CDM will serve as a blueprint where participants can lay down a standard process.
Barclays had to refute claims that they were opening a cryptocurrency trading desk, earlier this year. This was due to rumors that filtered out to the press as a few former traders at Barclays claimed they were ’reviewing the possibility of opening a cryptocurrency trading desk.’ Jes Staley, Barclays’ CEO, however, insisted that:

“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.”

Earlier, last month in July, the investment bank filed for two patent applications that were reportedly related to the transfer of digital currency and blockchain data storage, both were published by the U.S. Patent and Trademark Office.
The first patent describes ‘a system of transferring virtual currency would securely authorize the identities of both the payer and recipient, as well as validate and record transactions.’ The other patent filed by the bank, according to published reports, is related to the storage and proper endorsement of data.

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