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.