R3 (an enterprise software and blockchain company) joins hand with The China Academy of Information and Communications Technology (CAICT) to create apps and solutions on Corda blockchain platform. Kai Wei, Director of Big data and Blockchain at CAICT said, “I’m very happy to witness the cooperation between CAICT and R3 for the establishment of a cooperative partnership,”
R3’s Corda blockchain platform has been chosen by SIX Digital Exchange (SDX) to provide the underlying technology for its digital asset listing, trading, settlement and custody service. Sven Roth, member of the management team at SDX, said: “We felt Corda Enterprise was the best fit for the scale and breadth of service we envisage with SDX.”
R3 Corda will replace Hyperledger in MonetaGo, a company that builds private blockchains for financial institutions and central banks. MonetaGo CEO Jesse Chanard told “As we looked at the different scalability pieces of Hyperledger, we saw that it could get challenging… after some test on Corda, we realized at least in this specific case, it made a lot of sense.”
A press release revealed that the blockchain consortium R3 has welcomed the Wall Street Blockchain Alliance (WSBA). WBSA has joined the blockchain consortium R3 to establish an application and solutions on their Corda platform and aims to advocate a strategic approach in collaborating with regulatory bodies so that financial markets can gain the full benefits of blockchain’s capabilities.
A short-term debt instrument transaction was settled on Corda blockchain platform with the involvement of four banks namely Commerzbank, ING, Natixis, and Rabobank. Reportedly, the transaction was worth €100,000 worth euro commercial paper (ECP). Natixis was the issuer of the instrument, Rabobank as the investor, ING as the dealer and escrow agent. Commerzbank was the provider of technical support.
R3 has launched Corda Settler, an application which allows the user to make payment across the globe opens with XRP cryptocurrency. The app works by verifying that the beneficiary’s account was credited with the payment, and simultaneously updating the Corda ledger. R3’s CTO Richard Brown says, App will be soon open to all forms of crypto and traditional assets.
Finacle, the subsidiary of Infosys, has partnered with R3 blockchain company focusing on the blockchain solutions. The association is aimed to support banks to access and embrace Finacle’s blockchain solutions on Corda. The Chief Business Officer of Finacle expressed, “We are pioneering several blockchain-based solutions to help drive progress in the industry.”
The Ripple Labs Inc. has arrived at a settlement of all the outstanding litigation between R3 Hold Co LLC, R3 LLC, and XRP II, LLC. The details of the settlement are to remain confidential. Reportedly, the lawsuit began on 8th September 2017 as R3 slashed a complaint against Ripple in the Delaware Chancery Court. Ripple also filed a countersuit.
Large Credit Union Coalition (LCUC) that consists of 16 largest credit unions announced regarding their participation with R3’s global blockchain ecosystem. The CIO at Servus Credit Union, Yves Auger explained, “The LCUC is thrilled to be working with R3 and exploring the distributed ledger technology space more closely, building on some of our members’ successes with the technology.”
Nearly 39 firms have completed three hundred transactions on the Know Your Customer (KYC) application developed on Corda blockchain platform. The CEO of R3, David E Rutter stated, “KYC requirements present a significant challenge to financial institutions and the process is often slow and time-consuming.” The transactions were carried from 19 countries across eight time-zones.
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