R3 Runs Proof-of-Concept Blockchainwith Eleven Banks

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Bank-backed blockchain collaboration outfit R3 has announced the completion of a distributed ledger experiment involving eleven of the world’s largest financial institutions. R3 and consortium member banks Barclays, BMO Financial Group, Credit Suisse, Commonwealth Bank of Australia, HSBC, Natixis, Royal Bank of Scotland, TD Bank, UBS, UniCredit and Wells Fargo each connected on a private peer-to-peer distributed ledger, underpinned by Ethereum technology and hosted on a virtual private network in Microsoft Azure, the public cloud platform offering Blockchain as a Service (BaaS).

Participants were able to explore the technology’s potential to execute financial transactions instantaneously across the global private network. The banks simulated exchanging value, represented by tokenised assets on the distributed ledger without the need for a centralised third party.

Barclays Investment Bank CTO Brad Novak says:

“As we progress our evaluations of shared ledgers and smart contracts, we look forward to leveraging R3’s lab environment for collaborative technology experiments. Ethereum is a well-known open source technology in this space and we also look forward to collaborative experiments using other technologies.”

Since its September 2015 launch, R3 has seen a groundswell of interest in the consortium from financial services companies around the world, signing up 42 top tier banks to the initiative.

R3 CEO David Rutter says the collaborative experiment is the first in a series of projects which will aim to prove suitability of distributed ledgers across a number of different financial markets use cases.

“The transition from vision and hypothesis to application and execution signifies the next major step towards using this technology to transform how institutions interact, report and trade with each other in financial markets,” he says. “This is a very exciting development, both for R3 and our member banks, as well as the global financial services industry as a whole.”

Richard Kastelein

About Richard Kastelein

Founder, Publisher and Editor in Chief of Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC, Richard Kastelein is also an advisor with a number Blockchain startups doing ICOs including DECENT.ch, Inchain, Humaniq, Chronobank, eGaas and others.

He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List. As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven etc, where he helped spread the cause for Blockchain technology and crypto-currency and, consequently, has built a notable network inthe scene.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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