Join the Barclays DerivHack on Sept 20th
You can compete to win! DerivHack takes place over two days in the buildings of Barclays Rise in London and New York on September 20th and 21st.
This hackathon event provides an exciting opportunity for market participants across the industry to code and showcase solutions that will increase the efficiency of derivatives processing. The hackathon will focus on the practical implementation of the ISDA CDM™ on emerging technologies. An independent panel will judge the feasibility and effectiveness of proposed solutions and prizes will be awarded.
With space limited to 25 teams, pull your team together and register ASAP.
The Corda team is here to support you and is the best platform to showcase your solution and skills. Corda is a leading blockchain built from the ground up just for business challenges such as derivatives. Corda is built on proven, familiar technologies so you can be productive. The ISDA CDM model that is the basis of the hackathon has been implemented in Java making it a natural fit for Corda. We’ve done some legwork to bring the CDM to the Corda platform, so you can be massively productive in the hackathon.
Three reasons to build on Corda
1 — Corda is the only blockchain platform designed from the ground up to automate the lifecycle of complex derivative instruments; it is the perfect complement to CDM. Corda’s ‘state object’ design is perfectly matched to the lifecycle of derivative instruments and maps cleanly to the CDM. Corda builds on the Java Virtual Machine, which means CDM objects can be used directly in Corda apps and it is easily accessible to the world’s 10 million+ Java developers. Every Corda node runs on top of Java Virtual Machine (JVM) built with tools and languages the industry trusts. As well as the ISDA’s Common Domain Model (CDM) being Java compliant, derivative trading Cordapps can be seamlessly deployed within secure corporate or even legacy systems in data centres while still maintaining the ability to communicate securely with other nodes anywhere in the world.
2 — Corda is the only blockchain platform with a cross-firm ‘workflow’ capability to automate the lifecycle management of complex contracts — perfect for CDS and IRS. According to Dr Lee Braine, a member of the investment bank CTO Office at Barclays, “What we ultimately need in the derivatives space is multiple market infrastructures, including multiple clearinghouses, adopting a common standard for data formats, reference data, transactional data, and business processes.” The Corda platform provides a shared single source of truth among multiple distrusting parties, granting them the means to mutually govern the evolution of a shared set of preconceived facts. Many of the underlying complexities of the ledger abstracted away from the developer through the Corda flow framework which makes it easy to write applications that orchestrate the steps needed to move an agreement through its lifecycle.
3 — Corda provides privacy out of the box. In Corda, consensus happens at the deal level with data propagating on a need to know basis meaning that only the participants of a trade have access to that data. This allows traders to maintain their business secrets which are integral to their working strategy.