Over the past few months, it has become clear how a lot of major financial institutions around the world are looking at how they can implement blockchain technology. Bank of England, United Kingdom’s central bank, has launched a dedicated blockchain career page. But there is a twist, as the BoE is looking for bright ideas, which can eventually lead to a job at the institution.
Also read: Why Bitcoin Can Become The New Global Currency
Bank of England Looks For Blockchain-inspired Projects
Finding the right individual for completing a blockchain-based project at the Bank of England will not be an easy task. That being said, looking for pitches from individual and groups of developers regarding how they see the future of financial stability for the Bank of England seems to be the right way to go about things.
According to the dedicated Blockchain careers page on the Bank of England website, the main goal is to find new use cases for this technology. Also, a matching project has to be found that will suit the needs of the Bank of England, which might eventually lead to the creation of a new project they can offer to customers.
There are a lot of blockchain-based projects in development already, ranging from a land title registry system in Honduras to powering the Bitcoin network and verifying the integrity of diamonds. Every new form of technology poses certain advantages, but it is also important to consider what the risks could be. Exploring those potential risks can only be achieved by collecting ideas, and figuring out how one would implement them.
Bank of England’s mission is maintaining financial and monetary stability, while also making the world a better place for everybody involved. Blockchain technology’s distributed ledger aspect will play a key role in achieving that goal, and developers are invited to think as big or as small as they want.
Pitching an idea to the Bank of England can be done through the dedicated web page, and there are some things developers will need to take into consideration. Not only the general outline of an idea but also the reason this project will matter are of great value. However, the pitching process goes much further than that, as Bank of England wants to hear how developers would overcome technical and practical difficulties, as well as the resources they would need to make it an impactful project.
The Grand Prize Offered By Bank of England
All entrants must meet the entry criteria before pitching their ideas. For those who are eligible, pitching a blockchain-based idea can net them an exclusive invitation to visit the Bank of England. During this guided tour, the winner(s) will meet some of the prominent people making up the bank’s Data, Projects and Technology teams.
But there is much more to winning this pitching competition than just a visit. The winner(s) will also be treated to either a six-week paid internship or being fast-tracked through to the Bank of England’s graduate programme assessment centre. Regardless of which of these options is applicable, odds to land a job at the Bank of England will gradually increase.
At press time, entrants have a little over ten days left to submit their blockchain-based ideas to Bank of England, as the deadline closes on December 7th. Submissions can be sent via text, as a powerpoint presentation, or even in a short video format. Do make sure to include correct contact information while submitting an entry.
Response From The Bitcoin Community on Reddit
As you would come to expect, the announcement by Bank of England has caught the attention of the Bitcoin community on Reddit. One idea being mentioned is creating a decentralized, cryptographically sound, limited supply digital currency that removes the need for Bank of England to exist in the first place. That idea has already been implemented, of course, but it’s good to see some humor on the feedback so far.
Other Bitcoin community members on Reddit are talking about how the banks are “going down,” and that they need fresh ideas to save them. One user even goes as far as saying “When it would have made a difference they did nothing. And now the ship is sinking, and they are having a contest? They can F off.”
So far, the Bitcoin community doesn’t seem to appreciate the idea all that much, mostly out of fear the bank will create a private version of a blockchain, rather than using the Bitcoin blockchain.
What are your thoughts on the project set up by Bank of England? Is it a positive idea in your opinion? Let us know in the comments below!
Source: Bank of England
Images courtesy of Shutterstock, Bank of England, Reddit