26 July 2017
visit www.avoka.com

Credit Suisse taps R3 for blockchain-based hackathon

07 February 2017  |  10193 views  |  0 Credit suisse Building 3

Credit Suisse has carried out a global hackathon to find ways in which the R3 Corda distributed ledger platform can be used to make big cost savings.

The Swiss bank put together teams from India, the United States, Great Britain and Poland and challenged them to find ways of using blockchain technology that could reduce costs by 20% within twenty months.

As an R3 member, Credit Suisse used the organisation's open source Corda platform for the 48 hour hackathon, building distributed ledger applications across business lines and back-office functions.

Ray Mulligan, chief architect, global markets division, Credit Suisse, says: "We see blockchain as a disruptive technology that has real potential to reduce the bank’s operating costs and risk.

"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."

Last year Credit Suisse led an R3 initiative to apply distributed ledger technology to overhaul antiquated and costly manual intervention in the $3 trillion global syndicated loans market.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

R3 and Calypso to develop blockchain trade confirmation system

R3 and Calypso to develop blockchain trade confirmation system

29 November 2016  |  9325 views  |  0 comments | 13 tweets | 19 linkedin
Goldman Sachs leaves R3

Goldman Sachs leaves R3

21 November 2016  |  8489 views  |  0 comments | 9 tweets | 9 linkedin
Global banks and R3 test DLT for KYC services

Global banks and R3 test DLT for KYC services

10 November 2016  |  9041 views  |  0 comments | 22 tweets | 22 linkedin
Credit Suisse drives blockchain project in syndicated loans market

Credit Suisse drives blockchain project in syndicated loans market

28 September 2016  |  11562 views  |  0 comments | 19 tweets | 18 linkedin
R3 blockchain consortium sheds light on Concord project

R3 blockchain consortium sheds light on Concord project

24 August 2016  |  11465 views  |  0 comments | 17 tweets | 14 linkedin
Bitcoin and blockchain pose little risk to payments giants - Credit Suisse

Bitcoin and blockchain pose little risk to payments giants - Credit Suisse

05 August 2016  |  16257 views  |  0 comments | 23 tweets | 28 linkedin
R3 outlines Corda distributed ledger for financial agreements

R3 outlines Corda distributed ledger for financial agreements

05 April 2016  |  8951 views  |  0 comments | 7 tweets | 9 linkedin
UBS and Credit Suisse launch fintech accelerator

UBS and Credit Suisse launch fintech accelerator

22 March 2016  |  24370 views  |  1 comments | 49 tweets | 22 linkedin

Related company news

 

Related company information

Credit Suisse

Related blogs

Create a blog about this story (membership required)
visit www.www.fisglobal.comvisit www.niceactimize.comvisit www.finastra.com

Who is commenting?

Top topics

Most viewed Most shared
UK judge blocks £14bn class action suit against MastercardUK judge blocks £14bn class action su...
10161 views comments | 7 tweets | 6 linkedin
PayPal strikes deals with Chase and CitiPayPal strikes deals with Chase and Citi
9750 views comments | 10 tweets | 6 linkedin
Mastercard and Scotiabank join Enterprise Ethereum AllianceMastercard and Scotiabank join Enterprise...
9564 views comments | 25 tweets | 16 linkedin
Machines could take over 30% of bank jobs: McKinseyMachines could take over 30% of bank jobs:...
9108 views comments | 28 tweets | 27 linkedin
Yet more deals announced in payments sectorYet more deals announced in payments secto...
9060 views comments | 7 tweets | 21 linkedin