Hoodies, jeans, comfortable sneakers, scruffy chins, a laptop in one hand, a tablet in the other.
Not exactly business wear. One doesn’t expect this attire to be mixing with bankers in blue suits and tightly wound ties. But this is exactly what happened in Luxembourg last week.
For 48 hours, the European Investment Bank’s headquarters became home to a codefest - 56 coders from all over the world worked, ate and slept in the same building with a goal of improving financial transactions using blockchain technology. The EIB called the event the Blockchain Challenge.
Hacking a real-life problem
During codefests like this one, also known as hackathons, teams of programmers, software developers, project managers and other parties compete to find a software solution to a real-life problem.
“The challenge before us is to simplify treasury processes which currently involve a lot of manual interventions,” said Matevž Nolimal, who works in the EIB’s finance department and was the leader of the Bank’s blockchain team. “The blockchain technology has the potential to speed up, automate, and replace not only the cubersome procedures but also the intermediaries with a code.”