Santander Innoventures Running Global Blockchain Challenge

Santander Innoventures, the UK-based FinTech-focused venture arm of Spain’s largest bank, is running a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term competition.

The global blockchain challenge targets startups interested in developing distributed ledger applications for the financial services industry. The bank identified mortgage processing, trade finance and asset leasing as areas ripe for innovation.

The winner of the competition will receive $15,000 and the promise of an angel investment.

Bitcoin's blockchain and analogous distributed ledger systems inspired by it are envisioned to reshape the way money, securities and other assets are settled, potentially saving billions in annual costs.

In a report several months ago, Santander assessed that the adoption of such networks is only a matter of time and that they can reduce costs related to cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, securities trading and regulatory compliance by $15-20 billion annually by 2022.

"Distributed ledger technologies will create huge value for customers, banks and entrepreneurs who create new businesses around it. The Challenge will spark and accelerate that process for fintech startups," commented Mariano Belinky, managing partner of Santander InnoVentures.

Last year, the bank ran another challenge, via open innovation platform Yegii, to analyze the impact of Bitcoin on banks and devise a strategic course of action.

Santander Innoventures recently invested $4 million in Ripple, whose distributed ledger protocol is under consideration by numerous banks for cross-border transfers.