DSXT Blockchain Hackathon included the partnership with London division of Accenture
DSXT Blockchain Hackathon was held on 6-7 April in Saint-Petersburg, Russia. The task was to develop a simplified prototype of interbank currency exchange with a decentralized mechanism for the supply of funds on the basis of the blockchain, using Ethereum and Corda technologies.
<p>DSXT Blockchain Hackathon was held on 6-7 April in Saint-Petersburg, Russia. The task was to develop a simplified prototype of interbank currency exchange with a decentralized mechanism for the supply of funds on the basis of the blockchain, using Ethereum and Corda technologies.</p>
<p>Such hybrid solutions are becoming incredibly popular in the global market, drawing the attention of major players and corporations. The hackathon jury included representatives of the London division of the global management consulting and professional services company Accenture (15 years in the Fortune’s Global 500 ranking), as well as the CEO of the international payment system ePayments.</p>
<p>At the current stage of the fintech industry development, this problem is extremely interesting to market participants, because it solves the problems faced by customers of fully centralized or fully decentralized exchanges. The main issue for centralized exchanges remains the problem of trust since the likelihood of malicious actions by employees of the exchange or hackers is quite high. Decentralized exchanges give users a clear idea of the rules for the execution of orders, but do not solve the problems of the execution speed, and also do not provide any guarantees for the order of execution that is so important from the regulators’ point of view.</p>
<p>10 teams of IT-students and experienced developers took part in the contest. 36 hours of persistent struggle brought victory and a cash prize of 350,000 rubles to the Easychain team consisting of experienced developers working at Sberbank Technology and Yandex corporations. The guys achieved a high level of anonymity and security, using Corda technology from the R3 consortium. This is an advanced technology designed primarily for financial institutions (the consortium includes Goldman Sachs, J.P. Morgan & Co., UBS, Morgan Stanley, Alfa-Bank, QIWI, Barclays, BBVA, etc.).</p>
<p>The hackathon is organized by the British financial software company DSX Technologies. At the moment, the company's main project is the DSX currency exchange.</p>