Tensions Rising at R3 Banking Blockchain Consortium – Internal Patent Wars

784

Share with:


Sixty of the world’s top financial institutions who are members of the Blockchain Consortium  R3, who, with their considerable financial and resource commitments (members allegedly pay 20,000 euro per month according to a Blockchain News source) have hired some of the world’s top Blockchain developers and have been pumping money into a cross-industry solution called Corda – which some feel is still a couple years away before getting to market. 

The problem is – some of the American member companies are themselves taking out patents on Blockchain and this is creating fissures in R3. 

According to an article by Jonas Leijonhufvud at Sweden-based DI Digital  a series of individual patent applications filed by US banks now threaten to derail the project, according to a source he has interviewed from the Swedish bank SEB, a member of R3.

Kristian Gårder, who represents SEB in the R3 consortium, says he hopes that R3’s platform Corda, will be ready for launch in two to three years. However, a series of individual patent applications, filed by members such as Morgan Stanley and Goldman Sachs, may severely limit the usefulness of the platform, according to Gårder. 

“The R3 consortium has applied for a patent for Corda. But both Morgan Stanley and Goldman Sachs have applied for their own blockchain patents, and they are not alone in doing so. Members will obviously worry if some R3 members seek patents that we’ve discussed together. Now we are beginning to see alliances form,”  Gårder told  Leijonhufvud. 

SEB’s position is that that Corda should be open source and hence available to the entire financial community. If the cooperation ultimately fails, the bank says it will still be invested in the underlying technology.

“We have never seen R3 as a risk-free project and we have already learned a lot from this,” says Kristian Gårder.

SEB was one of R3:s founding partners. Today, the consortium has 43 partners and 65 members. Most of the world’s major international banks are involved in the project.

 

About Richard Kastelein

Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, 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, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

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.

Visit Website
View All Articles
Buy Bitcoin at CEX.IO

Get Blockchain News Where You Are!

Join our Linked in GroupLike our Facebook Page
Linkedin Group BlockchainLinkedin Facebook Group