In an unprecedented move for the financial industry who are traditionally bound to proprietary software, banking Blockchain consortium and powerhouse R3 says it hopes by open sourcing it’s Corda platform and making the code available to the Linux Foundation’s Hyperledger platform they will create a new open standard for the Blockchain industry – and allow firms to build products on top of it.
In an exclusive report from journalist Jemima Kelly from Reuters on the surprise move Corda’s code will be contributed on Nov. 30 to the Hyperledger project and the news comes soon after reports were leaked through the Swedish media that R3 was going through internal strife as some of the American members of the group were taking out patents on Blockchain technology and different camps were being formed.
“Blindly investing millions of dollars in small, disparate technology projects is not appropriate for banks at a time when budgets are stretched,” said R3’s chief executive, David Rutter. “The risk of backing the wrong horse could far outweigh the potential gains. Given that the power of this technology lies in its network effect, the consortium model is the ideal method to get it off the drawing board and into the wholesale financial markets.”