The Bank of England, a central bank in the United Kingdom, has showed interest in bitcoin and blockchain many times. In the beginning of the year it conducted an extensive analysis on the topic of central banking, including an overview of the virtual currencies and their possible impact on the financial industry.
According to the Bank, the use of bitcoin can allow users making payments without third parties being involved. However it doesn’t deny possible risks.
“While existing private digital currencies have economic flaws which make them volatile, the distributed ledger technology that their payment systems rely on may have considerable promise. This raises the question of whether central banks should themselves make use of such technology to issue digital currencies,” the Bank said in its report.
Now Bank of England announced some kind of contest in order to find out how to make the best of blockchain. It promised a paid internship or a place at its graduate assessment centre for those who will offer the best idea of using blockchain in the financial services. Candidates should answer the following three questions in the application:
- How would you use blockchain?
- What business would you apply it to?
- What new product would you create?
Entries are accepted on the official site till December 7, 2015. Participants can unite in teams up to six people. The application can contain no more than 500 words, 10 slides of PowerPoint/PDF or 2-minute video.
The Bank of England appeals to the talented and creative youth asking for new ideas to make the society in the UK better. “Our mission is to promote the good of the people of the United Kingdom by maintaining monetary and financial stability. The chance to contribute to society and make it better for everyone is a big reason why a role with us is so rewarding” – they say.
Good ideas should be paid well. The Bank of England agrees and offers really promising prospects for the winners. The whole team will get an exclusive invitation to visit the Bank and meet some of the key people in its Projects, Data and Technology team. If the winner is in his/her first, second or penultimate year of study, a six-week paid internship is guaranteed. The Bank prepared a position at the graduate programme assessment centre for graduating students.
The Bank of England believes in the potential of blockchain. “It’s underpinning a new land title registry system in Honduras so people can prove they own the land they’ve bought. It’s enabling universities to store and encrypt student qualification records so employers can instantly verify CVs. It’s helping insurance companies crack down on fraud and theft by giving diamonds a digital fingerprint, creating a public ledger that tracks the origin, sale and ownership of the world’s most precious stones. And many more novel applications are bubbling under.”
If you feel like your idea can change the financial world, feel free to share it with the Bank of England! In the case of the arising questions, contact [email protected].