Teams Digiblock, EY Luxembourg, LIST (Luxembourg Institute of Science and Technology), 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.

Each team presented their innovative project to the distinguished jury including representatives from ABBL, CSSF and Luxembourg for Finance. The jury was presided by Louis Chevalier, Adoption Manager Benelux at Nomadic Labs. Following an hour-long deliberation, the jury president announced team vDL Digital Ventures GmbH as 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,” explained the vDL Digital Ventures GmbH team.

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

1st and 2nd runner-up were team EY Luxembourg and team DigiBlock. 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 decentralized application powered by 2 smart contracts to reinvent the fund reporting system avoiding companies’ alerts, inquiries, and annoying push processes.”

The winning team was awarded EUR 5.000 in prize money, whereas the 2nd and 3rd ranked received EUR 3.500 and EUR 2.000 respectively. EY Luxembourg announced that the prize will be donated 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.", highlighted 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,” said Tom Kettels, Project Lead of Infrachain.

“This year’s candidates demonstrated yet again their creativity and their ability to deliver under pressure. Congratulations not only to the winners, but also to all the other participating teams. Telindus was delighted to welcome and support them during the challenge.” Jacques Ruckert, Chief Solutions & Innovation Officer at Telindus.