Matheson has announced plans to host Ireland’s first-ever legal hackathon in partnership with Deloitte, IBM and the Dublin City University Ryan Academy.

On 3-4 November, participants will pool their tech talent to identify ideas and innovations in blockchain that could have a positive impact on the financial services and legal services sector.

The initiative is part of Matheson’s Smart programme, designed to inspire innovative thinking and the new efficiencies incorporating the latest innovation themes such as Fintech, AI and Blockchain.

The hackathon will be split into two phases:

Participants will learn about blockchain – how it works, what its features are and the advantages it offers over existing technologies and systems.

Participants will learn how to “hack” an idea in a team setting and will put that into practice, finding ways in which blockchain can be used to improve their businesses and industries. Teams will then pitch their ideas to a panel of judges.

Blockchain technology facilitates transactions and stores information using a secure, distributed ledger system. Its most famous application, the cryptocurrency Bitcoin, allows users to send money directly to another ‘wallet’ without passing through a bank or clearing house.

Speaking ahead of the event, Rebecca Ryan, partner at Matheson, said: “We are delighted to partner with Deloitte, IBM and DCU Ryan Academy to host the first legal hackathon in Ireland.”

Ms Ryan added: “This event is all about bringing together, appreciating and rewarding new ideas. Blockchain is a completely new way of working and a technology where the rules have yet to be set.

“There are no losers in a hackathon and everyone walks away with valuable insights and brilliant networking opportunities.

“Matheson is delighted to host Ireland’s first legal hackathon and we hope to uncover some really great and inspirational ideas for the future development of the financial services sector.”

Niamh Collins, chief operations officer at DCU Ryan Academy, added: “DCU Ryan Academy is excited to be supporting this event which is at the intersection between an innovative Irish law firm in Matheson and a massively disruptive new technology in blockchain.

“We’re already looking forward to seeing what innovations participants develop as well as the new networks and partnerships that will be formed.”