Recently, the Swiss Bank, Credit Suisse, held a global hackathon to find cost-effective and efficient use of applications, by exploring the R3’s Corda distributed ledger platform.
A post on R3 website shows teams for India, the U.S., Poland and Great Britain participated to find cost savings under a 20:20 framework. The teams were required to come up with solutions that show the potential to reduce costs by 20% in 20 months.
According to Ray Mulligan, the Chief Architect for Credit Suisse’s Global Markets division, Blockchain is a disruptive technology with the 20:20 potential to minimise the operating costs incurred by the bank.
“The recent Credit Suisse blockchain hackathon reinforced that idea. In just two days, we saw how quickly our developers were able to design and build blockchain-enabled applications that show the potential for this technology to drive significant efficiency and savings gains for the bank”, he said.
Within two days, the bank’s developers built a distributed ledger applications across a variety of business lines and back-office functions. Starting with India on January 24, the work spread to other locations such as Pune, Bangalore, Mumbai, London, Wroclaw, New York and Raleigh, North Carolina through January 25. The bank has also shown commitment to fund leading solutions that show the potential for subsequent development and implementation, the post said.
Corda was designed and made available as an open source development to encourage innovation in addressing the huge cost and efficiency issues faced by banks and other financial institutions.