R3 Blockchain Consortium Run Blockchain Tests with Chain, Ethereum, Eris Industries, IBM and Intel

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According to the Wall Street Journal, the R3 CEV Blockchain consortium completed its biggest test yet of online distributed ledger systems, the organization is due to announce Wednesday. Forty banks tested five Blockchain vendors and three cloud providers, to see how different combinations handled simulated transactions in commercial paper.

The consortium of the world’s biggest banks has completed their second known proof of concept experiment of Blockchain technology and with this time, trials spanned five different Blockchain solutions.

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The five companies that worked on the trial included Chain, Ethereum, Eris Industries, IBM and Intel and the cloud infrastructure was provided by Amazon, IBM and Microsoft Corporation.

“This is the first time many ledgers have been run in parallel by many institutions in a rigorous, scientific way,” said Tim Grant, R3’s managing director and global head of its collaboration lab, in an interview with CIO Journal.

The tests pointed to areas CIOs should evaluate before choosing vendors, Mr. Grant said.

For example, some ledger architectures allow for more complex transactions than others, he said. “It’s not clear there’s a well-defined playbook in how to evaluate these technologies side by side. We want to help bring that clarity,” he said.

Next, R3 plans to conduct similar tests with the participation of government regulators and tests for integrating blockchains with banks’ legacy transaction systems, Mr. Grant said.

 

 

About Richard Kastelein

In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, ' The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write.

Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications.

Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the EuropeanCommission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.

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