Taking place in mid-October, this year’s Barclays hackathon will center around proving that a common language can be shared by fintech software.
According to CoinDesk, DerivHack 2019 is to again focus on communication between systems.
DerivHack 2019 will be the second annual iteration of the hackathon. Taking place on October 16-17, the event is being staged simultaneously at Barclays’ Rise accelerator spaces in London and New York as it was last year, with an additional location setup at the bank’s office in Singapore.
Barclays has resolved to hold the event on a yearly basis to support the International Swaps and Derivatives Association (ISDA). This year, it has gathered partners including R3, Digital Asset, DBS Bank (Singapore), DTCC, which is a central securities depository in the United States, the International Capital Market Association (ICMA) and REGnosys. An independent report of the proceedings will be issued by audit firm EY.
The aim of the event is to test how different programming languages and platforms handle the Common Domain Model (CDM) created by ISDA, with a particular focus on the model’s blockchain implementation and in distributed ledger technology (DLT) realms.
Fifty teams of four coders will take part in the 48 hour marathon, as they look to find the best way to apply CDM. Barclays team member Sunil Challa explained that the hackathon is meant to “demonstrate through the CDM that these [products] can actually co-mingle and a standard can cut across them to direct the industry in terms of cross-asset, cross-product solutions rather than siloed investments”.
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