vDL Digital Ventures GmbH with their project “CSSF DLT Financial Reporting System”; Credit: Infrachain

On Tuesday 28 and Wednesday 29 November 2023, Infrachain, together with Nomadic Labs, Telindus and Tezos, organised the Infrachain Tezos Challenge Powered by Telindus, a blockchain hackathon that took place in the Telindus Luxembourg premises.

The various teams, namely Digiblock, EY Luxembourg, Luxembourg Institute of Science and Technology (LIST) and vDL Digital Ventures GmbH, had 30 hours to brainstorm, plan, code and design a novel solution based on the Tezos Blockchain to facilitate compliance in Luxembourg’s financial sector.

The teams presented their innovative projects to the jury, which included representatives from ABBL, CSSF and Luxembourg for Finance. Louis Chevalier, Adoption Manager Benelux at Nomadic Labs, led the jury. Following an hour-long deliberation, the jury president named the team vDL Digital Ventures GmbH winner of the blockchain hackathon with their project CSSF DLT Financial Reporting System.

It's been an amazing challenge through the last 30 hours. We had a lot of fun here in Luxembourg and we wanted to meet halfway because half of our team is from Munich, Germany, half is from Eindhoven, Netherlands. It offers a great opportunity for a team challenge together and we also wanted to thank the organisers for this great hackathon,” said the vDL Digital Ventures GmbH team.

CSSF DLT Financial Reporting System, a cutting-edge initiative by vDL Digital Ventures GmbH, aims to revolutionise regulatory reporting by integrating blockchain technology to enhance security, streamline authentication and reinforce transparency. This innovative approach significantly reduces regulatory overhead setting a new standard for efficiency in compliance practices.

The teams securing the first and second runner-up positions were EY Luxembourg and DigiBlock, respectively. The former presented CompliChain, which is “an answer at Climate & Environment’s risk management challenge of financial institutions by eliminating manual work, improving required data quality, calculating with consistent methods and creating audit trail plus certification for compliance reviews”. The latter’s project called Fund Reporting Tokenization is “a time-saving decentralised application powered by two smart contracts to reinvent the fund reporting system avoiding companies’ alerts, inquiries and annoying push processes.

The winning team received a prize of  €5,000, while the second and third-placed teams were awarded €3,500 and €2,000, respectively. EY Luxembourg has announced that the proceeds it won will be contributed to Caritas Luxembourg.

 “Glad to see alongside our partners such enthusiasm for this hackathon again this year. Luxembourg places great importance on maintaining standards of financial transparency, integrity and regulatory compliance. We salute the teams for the tremendous work carried out over these two days as well as the creative presented which demonstrate the key role that blockchain will be called upon to play in tomorrow's financial landscape, and the innovative solutions that are bound to emerge to support those standards," said Louis Chevalier, Adoption Manager Benelux at Nomadic Labs.

Congratulations to the teams for their extraordinary work. For our fifth blockchain hackathon, we are delighted to have been able to collaborate with Tezos, and our member companies Nomadic Labs and Telindus. The financial sector is presenting numerous opportunities for blockchain technology, and we hope that this hackathon will contribute to making the sector more efficient,” added Tom Kettels, Project Lead of Infrachain.