Bank of England Holds Blockchain Technology Competition for University Students

The Bank of England is currently holding a challenge for university students to come up with a new way of implementing blockchain technology for the benefit of society. On offer is the chance to win an invitation to visit the bank and meet key team members, as well as the promise of a six-week paid internship. Teams of up to six are allowed from any point in their studies, with a mix of years encouraged.

Citing the possibilities offered by blockchain technology alongside examples of how people have already used it to enhance various aspects of their lives, the Bank of England asks contestants to come up with ideas to improve society for residents of the UK, which revolve around the use of blockchain technology. In the short entry participants are asked to submit, they are expected to include the reason for their proposal, the people that would benefit from it, how it would assist them, the resources that would be required and how they would overcome potential challenges and difficulties – quite a lot to include in only 500 words! Competitors are encouraged to ‘Think big’ and ‘Be creative’.

For students in their first, second or penultimate year of study, the six-week paid internship is on offer; however, for contestants in their final year, a fast-track to the Bank of England’s graduate program assessment center is offered – all of which, the bank says, will increase the winner’s chances of future employment with them.

This offer shows the positive light that blockchain technology is held in by the company and the seriousness in which it views the potential opportunities. Students can apply to the challenge from its Early Careers website, which is currently presented in the black, orange and white associated with the bitcoin logo. The competition closes on 7th December.