To help address COVID-19 the Financial Conduct Authority (FCA) in the UK is working on a digital sandbox to increase the chance of developing a solution.
As many know, a digital sandbox is essentially an isolated space where participants can test their software and other products without affecting the area around it. For example, a developer may test a potentially dangerous piece of software in a sandbox without affecting the other files on the device. They allow users to experiment.
“This would enhance some key features of our innovation services, allowing innovative firms to test and develop proofs of concept in a digital testing environment. There is also an important convening role for us to play, helping to enable greater collaboration to solve complex industry-wide problems.”
Digital sandboxes are often used for innovation in certain spaces. This could mean utilizing technology such as blockchain and cryptocurrency to fight the coronavirus pandemic.
Here, developers could build an API, work together to push it further, and test it – all within regulatory policies put in place. It’s a risk-free way to work against the pandemic, and speed up any potential solutions.