R3 is an innovation firm which, according to its own characteristics, is “empowering the next generation of global financial services technology”. CoinTelegraph offers a glimpse into the world of tomorrow of leading consortiums in financial markets.
Richard G. Brown , a chief technology officer at R3, has explained in a blog post how blockchain technology can be used as a tool for solving problems, what the defining characteristics of a blockchain are, and what in particular makes them interesting for the banks. R3’s main role – picking the raisins out of the buns for banks?
Banks cannot adopt blockchain technology in its current form. Someone must pick the raisins out of the buns for them, so to speak, and that is where R3 steps in.
As R3 told Cointelegraph, they are designing and engineering “solutions that meet banking requirements for identity, privacy, security, scalability, interoperability and integration with legacy systems”. R3 has been working on a completely new platform called Corda for managing and synchronizing financial agreements.
Corda’s main point is in picking the right consensus model for its users – anyone taking part in the deal can see exactly the same thing as the other one across the Internet but those not involved in the deal, naturally, cannot.
There are no third-party validators, no misinterpreting, and no time-wasting. Everyone has the same information and sees what the other does and it’s completely confidential.
No wonder banks across the world are thrilled. Who is particularly interested in R3 and why?
According to R3, after a successful initial phase of engagement with the banks, the consortium has now entered into the second phase which includes both banks and non-banks. At this point, there are already over 50 members.R3 believes that the power of a new technology comes from networking – and it seems to […]
