BNP Paribas Hosts Blockchain Tech Development Event

French banking services group BNP Paribas hosted a development event last month focused on blockchain technology.

Held in Paris on 21st and 22nd January, the gathering focused on use cases related to trade settlement, smart contracts and supply chain management, among others.

BNP Paribas is one of a growing number of financial institutions worldwide looking to implement and develop the software that underlies bitcoin. The bank took part in the recent funding round for New York blockchain startup Digital Asset Holdings, and is a member of the blockchain consortium organized by R3CEV.

Attendees took to social media to share photos as the event progressed.

#BizHackathon Ready, steady..? @BNPP2S @BNPParibasUK #innovationspirit pic.twitter.com/q0TyoasDAc







— Athitaya (@AthitayaH) January 21, 2016

#bizhackathon #blockchain @bnpparibasuk @martinlabrousse @nodatweet : The dream team that made it possible pic.twitter.com/vYdK349vfR





— Cosmin Dragan (@cosmindragan) January 22, 2016

Ken Kappler mining some BNPcoin ⛏ #blockchain #bizhackathon pic.twitter.com/u6TbC0yryf







— Athitaya (@AthitayaH) January 21, 2016

The bank suggested that the event provided an avenue to openly discuss how the technology may impact or alter its existing business models.

Marc Carlos, head of corporate trade and treasury solutions for the bank, said in a statement:

"Our first ‘bizhackathon’ helped us to highlight the opportunities of the blockchain for our flow financing activities and our financial services to corporate treasurers, as well as its potential applications to improve our practices, review and optimise our processes, and reinforce the reliability, traceability and security of our transactions."

Image credit: Savvapanf Photo / Shutterstock.com