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Bank-backed R3 Launches New Version Of Its Blockchain

Bank-backed R3 Launches New Version Of Its Blockchain

October 3, 2017 / 8:03 AM / 7 months ago Bank-backed R3 launches new version of its blockchain NEW YORK (Reuters) - R3 CEV, a New York-based company that runs a consortium of banks, has released a new version of its blockchain platform that it hopes will make it easier for financial firms to use the nascent technology. Hard-disks are pictured inside a server room at a company in Bangkok, Thailand, April 5, 2016. REUTERS/Athit Perawongmetha The new version of the companys platform called Corda includes a feature that will make it easier for computer developers building applications with the technology to incorporate future upgrades and updates, R3 said on Tuesday. Blockchain, which first emerged as the system underpinning cryptocurrency bitcoin, is a shared record of transactions updated by computers rather than a centralized authority. Banks and other financial institutions have been investing in the technology for the past few years in the hope that it can be used to automate some of their back office processes such as securities settlement and regulatory reporting. To accelerate development many have joined consortia or collaborative efforts. Launched in 2015, R3 is the largest financial consortium focused on blockchain globally. Its members include more than 100 banks, regulators, trade associations and professional services firms. In May it raised $107 million in May from companies including Bank of America Corp ( BAC.N ), SBI Holdings Inc, HSBC Holdings Plc ( HSBA.L ), Intel Corp ( INTC.O ) and Temasek Holdings. R3 has been helping members develop prototypes and run experiments to test blockchain. Most recently it announced that it had partnered with the UKs Financial Conduct Authority, the Royal Bank of Scotland and another global bank to develop an application u Continue reading >>

R3 (@inside_r3) | Twitter

R3 (@inside_r3) | Twitter

Pending Pending follow request from @inside_r3 Cancel Cancel your follow request to @inside_r3 R3 is an enterprise software firm working with an ecosystem of over 200 financial institutions, regulators, professional services firms and technology companies Are you sure you want to view these Tweets? Viewing Tweets won't unblock @inside_r3 Meet Corda: DLT with a difference: Thanks. Twitter will use this to make your timeline better. Undo inside_r3 , the developer of Corda, to learn about the potential industry implications of Thanks. Twitter will use this to make your timeline better. Undo Good piece from Digital Asset on dangers of Ethereums Solidity language . DAML pursuing good research directions. Beauty of open source Cordas use of JVM is vibrant ecosystem of language innovation and runtime safety out of the box. Best of both worlds. Thanks. Twitter will use this to make your timeline better. Undo Guild_One_Inc 's Royalty Ledger settled the first oil royalty contract on R3's Corda blockchain platform. Thanks. Twitter will use this to make your timeline better. Undo FuturetechP podcast. You can listen online or on iTunes to hear her talk about R3 and the future of Thanks. Twitter will use this to make your timeline better. Undo The hard part of fixing world trade. Banks and tradeix plowing thru the decision of which data fields to include. More data means more compliance checks. No pain no gain! Thanks. Twitter will use this to make your timeline better. Undo Our Trade Finance Research Update is out!!! AlisaDiCap Trade finance is inherently decentralized; trying to match centralized architecture to this decentralized process has led to the siloes and problems we face today. Read more.... Thanks. Twitter will use this to make your timeline better. Undo Check out this Continue reading >>

R3 To Take On Ripple With Cross-border Payments Blockchain

R3 To Take On Ripple With Cross-border Payments Blockchain

R3 to take on Ripple with cross-border payments blockchain R3 to take on Ripple with cross-border payments blockchain R3 is working with 22 of its member banks to build a real-time, cross-border payments solution on Corda, the consortiums blockchain inspired distributed ledger. The banks include U.S. Bank, TD Bank, Barclays, BBVA, CIBC, Commerzbank, DNB, HSBC, Intesa, KBC, KB Kookmin Bank, KEB Hana Bank, Natixis, Shinhan Bank and Woori Bank, R3 said Tuesday. The timing is notable given that New York-based R3 is embroiled in a legal dispute with its former partner Ripple , which already has a distributed ledger for international payments. The banks working with R3 on the cross-border payments project include U.S. Bank, TD Bank, Barclays, BBVA, CIBC, Commerzbank, DNB, HSBC, Intesa, KBC, KB Kookmin Bank, KEB Hana Bank, Natixis, Shinhan Bank and Woori Bank. Adobe Stock R3 claims that in September 2016, the companies entered into an agreement that gave R3 the option to purchase 5 billion XRP Ripples homemade cryptocurrency for $0.0085 by September 2019. XRP now trades at more than 20 cents, making the options worth more than $1 billion, and Ripple does not want to let R3 exercise this option. Ripple countersued R3 in a San Francisco court in September, claiming R3 did not meet its end of their agreement. On Oct. 13, a Delaware court dismissed R3s suit against Ripple , saying it was not in its jurisdiction. Charley Cooper, managing director of R3, would not comment on the litigation but said R3s cross-border payments project has been underway for some time and is different from any other payment-oriented distributed ledger out there. This wasnt spawned by one particular company, Cooper said. Its something weve been working on that predates a lot of other work in the industry Continue reading >>

Why Goldman Sachs And Santander Are Bailing On R3's Blockchain Group

Why Goldman Sachs And Santander Are Bailing On R3's Blockchain Group

Get Data Sheet , Fortunes technology newsletter. The fundraising dispute centered on control. In May, R3 began seeking to raise a $200 million round that would have granted 90% of the firms equity to its member banks with 10% retained by R3, a person close to the negotiations told Fortune. The consortiums 42 original member companiesincluding J.P. Morgan Chase (jpm) , Barclays (bcs) , Deutsche Bank (db) , UBS (ubs) , and othershad equal rights under contract to participate in such a Series A deal, a source said. In addition, 31 other members of R3s development lab would have the opportunity to contribute. That opening bid was renegotiated to a $150 million raise from its member bankswith potential support from outside investorsthat would give 60% ownership to the investors and 40% to R3. This deal frameworkstill a pending optionhad been proposed in early fall, a source told Fortune. Goldman sought more leverage in the deal, which could have included a board seat or some other element of additional control, sources said. When R3s member financial firms moved to cap the raise at $150 million, Goldman decided to exit the conversation and focus elsewhere, said a source close to the matter. A person familiar with Goldmans internal thinking said that the bank did not expect R3 to mushroom to 70-plus members when it initially joined. The number of participants and competing interests made negotiations more difficult, the source said. Goldman remains committed to blockchain technology, a spokesperson for the firm told Fortune. For instance, the bank co-led with IBM (ibm) a $60 million investment in Digital Asset Holdings, as well as a $50 million round in Circle , a digital payments startup headed by Brightcove founder Jeremy Allaire. Santander, also an investor in Digital Ass Continue reading >>

Hpe Will Offer R3 Corda Blockchain Tech On Its Non-stop Computing Platform

Hpe Will Offer R3 Corda Blockchain Tech On Its Non-stop Computing Platform

HPE Will Offer R3 Corda Blockchain Tech On Its Non-Stop Computing Platform Opinions expressed by Forbes Contributors are their own. HPE, the enterprise computing spinout from tech giant HP, will launch a distributed ledger running on its HPE Integrity NonStop platform, which traces its lineage back to Tandem. Called HPEs Mission Critical DLT, it meets the requirements major financial corporations like banks and insurance companies have in terms of performance, security, scalability and resiliency. HPE customers have been working with blockchains for several years, said Raphael Davison, worldwide director for blockchain at HPE. HPE Integrity NonStop platform can run R3 Corda on-prem Our customers have been playing with blockchain for two or three years, and especially in finserv which leads the pack in terms of investment and experimentation, said Davison. With some exceptions, platforms are still pretty immature but banks are sold on the ability of blockchain to execute, to do what they need to get done. Most organizations are still learning what blockchain could do for them, running pilots and proofs of concept, he said. Customers see three choices in blockchain Corda from R3 which has been around for three years; ethereum which doesnt have a spec out yet, he said, and Hyperledger Fabric. In June, HPE entered into a partnership with R3 to bring Corda to Mission Critical HPE Systems. Since then HPE has been working with the R3 Corda system, which financial institutions have been using to to process transactions. HPEs Mission Critical DLT ensures that any infrastructure failure does not result in lost transactions. Pending transactions can be saved and processed once the system is running again, said Markus Ogurek in the HPE global financial services and insurance indus Continue reading >>

Major Banks Partner With R3 Blockchain Alliance To Launch Pilot Trade Platform

Major Banks Partner With R3 Blockchain Alliance To Launch Pilot Trade Platform

Major Banks Partner With R3 Blockchain Alliance To Launch Pilot Trade Platform A new trade finance platform created by R3 Blockchain alliance, TradeIX, and major banks enters pilot stage. An initiative involving R3, a Blockchain consortium made up of over 100 financial institutions, trade finance platform TradeIX, and a group of leading global banks announced the pilot launch of their trade finance platform, according to a press release Wednesday, Feb. 21. The press release explains that the solution is based on R3s distributed ledger technology (DLT) product Corda. The end goal of the initiative, called Marco Polo, lies in developing a "fully interoperable" open-source trade finance network which intends to eliminate or at least simplify existing paper processing across supply chain processes. The concept viability was proven during a continued testing in cooperation with ING, BNP and Commerzbank, according to Ivar Wiersma, head of innovation at ING Wholesale Banking. "The industry has been looking for solutions to simplify and digitize trade, making supply chain ripe for the benefits of blockchain technology," said Connie Leung from Microsoft, R3s partner since 2016. Tuesday, Feb. 20, the Blockchain Alliance R3 also announced the foundation of a Legal Center of Excellence (LCoE), a group of law firms aimed to educate attorneys around the world about new Blockchain technologies. Continue reading >>

Could 2018 See R3 And Ibm Find Middle Ground On Blockchain?

Could 2018 See R3 And Ibm Find Middle Ground On Blockchain?

Could 2018 see R3 and IBM find middle ground on blockchain? IBMs Batavia blockchain platform edges closer to global trade 2017 was the year IBM made serious foray into the trade finance space, bringing blockchain technology and cognitive computing to an industry that has traditional been dominated by paper-based, manual processes. But what now? While the past year has seen successful proving of the technology itself, 2018 will be the first serious test of blockchains viability for the real world. GTR caught up with Keith Bear, IBMs vice-president of financial markets, to discuss the challenges ahead and a possible future relationship with R3. GTR: What have been the most significant developments for IBM in the trade finance space in 2017? Bear: Two main areas in trade finance generally. Obviously blockchain is a major one. But outside of the blockchain world just to give the full picture we made a big effort in terms of how cognitive computing can help trade finance, and issued a joint release with HSBC about the work were doing with them and whats called cognitive capture. This technology is able to go far beyond what OCR (optical character recognition) can do for reading documents by really understanding the context of text thats written in documents, using Watson technology, and as a result, its able to accelerate a lot of trade finance processes. It has a big impact on what was previously a very manual process and one thats prone to errors. Technology is now at a level where its making fewer errors than humans. We have been getting a lot of interest from some of the bigger trade banks that are interested to understand how cognitive technology can really help address the unstructured information context of trade finance. And on blockchain: obviously there have been Continue reading >>

Introducing R3 Corda: A Distributed Ledger Designed For Financial Services

Introducing R3 Corda: A Distributed Ledger Designed For Financial Services

I know that you know that I know that you know And it makes this promise across the Internet between mutually untrusting parties. Sure: consensus systems and replicated state machines have existed for years but consensus systems at Internet scale, between untrusting actors, that work in the face of powerful adversaries? Thats a step forward. In Bitcoin, the shared facts are things like: What are all the bitcoin (outputs) that have not yet been spent and what needs to happen for them to be validly spent?. And the facts are shared between all full node users. In Ethereum, the shared fact is the state of an abstract virtual computer. But notice something interesting: there isnt some law of nature that says the set of people who have to be in consensus is the whole world. Bitcoin just happens to work that way because of its unique business problem. If you dont have Bitcoins business problem then be very wary of those trying to sell you something that looks like a Bitcoin solution. The second feature in the blockchain bundle is validity. Tightly linked to consensus, this feature is the one that allows us to know whether a given proposed update to the system is valid. It is how we define the rules of the game. What does a valid fact look like in the system? What does a valid update to that fact look like? The third feature in the blockchain bundle is its uniqueness service. I can quite easily create two perfectly valid updates to a shared fact but if they conflict with each other then we need everybody who cares about that fact to know which, if either, of those updates we should select as the one we all agree on. The anti-double-spend feature of blockchains gives us precisely this service and its hugely important. The fourth feature in the Blockchain Bundle is often, if mis Continue reading >>

R3 Creates Legal Centre Of Excellence For Blockchain Technolgy

R3 Creates Legal Centre Of Excellence For Blockchain Technolgy

R3 creates Legal Centre of Excellence for blockchain technolgy Financial blockchain coalition R3 has assembled a group of ten legal firms in an effort to educate lawyers on the contractual intricacies surrounding the live deployment of distributed ledger technologies. In creating the Legal Center of Excellence (LCoE), R3 is paving the way for member firms to move from testing to live production of blockchain technologies in the business-to-business arena. The ten firms joining the initiative are Ashurst, Baker McKenzie, Clifford Chance, Crowell & Moring, Fasken, Holland & Knight, Perkins Coie, Shearman & Sterling, and Stroock. Members of the LCoE will have access to R3s research on blockchain that provides a view into the concerns of their clients, monthly project demos that give members a practical understanding of real world blockchain applications, as well as Corda training workshops that have specifically been developed for attorneys. This will ensure that law practioners have a strong understanding of the technology, says Richard Gendal Brown, CTO at R3, and are equipped to advise their clients on new and emerging legal and regulatory issues associated with blockchain and R3's Corda platform. A key feature of Corda is its ability to record an explicit link between human-language legal prose documents and smart contract code," says Brown. "This enables agreements between businesses to be executed automatically with minimal need for human intervention. The LCoE will allow R3 to directly engage with the lawyers that will be advising on and helping draft the smart contracts used by the network of Corda users across the globe. The R3 initiative apes a similar legal engagement programme launched by the Enterprise Ethereum Alliance last year. Continue reading >>

Beyond Banking: R3's Expanding Vision For Global Blockchain

Beyond Banking: R3's Expanding Vision For Global Blockchain

Beyond Banking: R3's Expanding Vision for Global Blockchain Apr 13, 2018 at 08:00 UTC|UpdatedApr 14, 2018 at 10:26 UTC R3 may have started as a consortium of banks looking to use blockchain technology, but it's broadening its ambitions. Now a startup whose staff numbers in the hundreds, R3 is proposing its distributed ledger technology platform, known as Corda , be used to link together a wide range of businesses, not just financial ones. The core idea is similar to the one originally pitched: if companies share data and assets with each other on Corda, they can ax duplicative processes and trust that they are all on the same page about who did what. In an example offered by R3 CTO Richard Gendal Brown, airlines, travel agents and hotels around the world could reach consensus on which plane seats and rooms have been booked, knowing that the data being shared is the same for everyone all the time. Taking this idea further, R3's platform lead Mike Hearn claims Corda would power a future "automatable economy" where bots help to run supply chains. "When we stepped back and looked at what we had built, we saw something that was far more broadly applicable," Brown told CoinDesk, adding: "It's the freedom and power that comes from knowing that what you are looking at either as a human or a business or even some sort of futuristic robot - is not only correct, but it's current, and it is shared with your counterparts." While Brown said Corda has attracted interest from a variety of industries ("people in insurance, people in healthcare, people in government, energy - you name it"), the new positioning of the platform comes at a time when the dust appears to have settled after 2016's hype about corporations exploring blockchain. Meanwhile, rivals such as the Hyperledger consorti Continue reading >>

Financial Superintendence Of Columbia Joins R3s Blockchain Network

Financial Superintendence Of Columbia Joins R3s Blockchain Network

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Top Banks And R3 Build Blockchain-based Payments System

Top Banks And R3 Build Blockchain-based Payments System

October 31, 2017 / 9:10 AM / 5 months ago Top banks and R3 build blockchain-based payments system LONDON (Reuters) - Fintech firm R3 and 22 of the worlds biggest banks have together developed an international payments system that would allow existing central bank currencies and any new digital ones to be transacted via the blockchain, R3 said on Tuesday. A woman uses a cash point machine at a HSBC bank in the City of London February 28, 2011. REUTERS/Andrew Winning The blockchain, which first emerged as the architecture underpinning cryptocurrency bitcoin, is a shared database that updates itself in real-time and can process and settle transactions in minutes using computer algorithms, with no need for third-party verification. Because it does not require manual processing, nor authentication through intermediaries, banks - both commercial ones and central banks - reckon the technology has the potential to make payments faster, more reliable and easier to audit. Natixis believes in the potential of distributed ledger technology for cross-border payments and is exploring several initiatives in that space, said Frederic Dalibard, head of Digital for Corporate & Investment Banking at Natixis, one of the banks involved in the project. Other banks that worked on the project - the prototype for which will be released by the end of the year, they said - include Barclays, HBSC and Commerzbank. A copy of bitcoin standing on PC motherboard is seen in this illustration picture, October 26, 2017. REUTERS/Dado Ruvic There have been other efforts to develop blockchain-based systems for cross-border payments - one of the areas most commonly identified as ripe for blockchain-based innovation, such as a UBS-led initiative to create a utility settlement coin that would represent each ma Continue reading >>

R3, 22 Banks Build Blockchain-based International Payments Platform

R3, 22 Banks Build Blockchain-based International Payments Platform

R3, 22 banks build blockchain-based international payments platform R3's distributed ledger technology (DLT), which is based on blockchain, is being used to create a system for secure, cross-border payments. Software company R3 has partnered with 22 of its member banks to create an international payment system based on distributed ledger technology (DLT), the firm announced in a press release Tuesday. A prototype of the solution will be out by the end of this year. DLT is based on blockchain, the ledger technology that underpins Bitcoin, along with a host of other technologies. The goal of the new solution is to provide a safe and secure way to speed international payments and improve cross-border business, the release said. Certain domestic systems already provide real-time payments in many countries, but that isn't the case when it comes to international transactions. Often these payments can take days to complete, which slows down trade and increases the risk of fraud, the release said. SEE: IT leader's guide to the blockchain (Tech Pro Research) The payments system will be built on R3's Corda DLT platform , which was designed with financial services in mind. One of the core value propositions is that the new system relies on shared infrastructure and will help to facilitate the full payments workflow. "The solution works by creating a representation of fiat currencies on ledger, and is programmed to enable interaction with central bank digital currencies as they are rolled out," the release said. This will make it easier for domestic systems to fold the capabilities of R3's offering into their current systems. "International payments systems have struggled to keep pace with the explosion of global trade and the globalisation of the world's markets," R3 CEO David E. Continue reading >>

R3: Blockchain Tech Could Make Its Enterprise Debut This Year

R3: Blockchain Tech Could Make Its Enterprise Debut This Year

R3: Blockchain tech could make its enterprise debut this year 2018 could be the year in which blockchain tech gains traction inside enterprises, according to the R3 distributed ledger consortium. It told CoinDesk that many of the initial troubles have now been resolved, so firms are set to increase deployments. The blockchain is seen as a transformational technology by many business executives and industry leaders. The concept of an immutable open ledger providing incontestable accountability has applications inside many enterprises which handle sensitive data. Once entered onto the blockchain, data is universally available and independently verifiable . Throughout 2017, there were several examples of how this concept might actually be applied to businesses. Blockchain is being explored inside a broad range of industries, including healthcare, logistics and financial services. So far, the technology hasn't been used in any large-scale deployments though. After facing regulatory hurdles and software issues throughout the past year, companies have been left with little opportunity to implement their blockchain-based ideas. Charley Cooper, managing director of R3 , told CoinDesk that this is now changing. IBM and Maersk have formed a joint venture for blockchain shipping READ NEXT: Digital transformation is all about enterprise agility Moreover, businesses are starting to take what they've learnt from their initial blockchain pilot projects and apply them to real deployments. R3 has developed its own internal systems which showcase the potential applications of enterprise blockchain tech. "All these experiments and proofs-of-concept were not done in a vacuum and they were not done for fun," said Cooper . "They were done to bear out what could and could not be done effecti Continue reading >>

Fintech Firm R3 And World's Biggest Banks Build Blockchain-based Payments System

Fintech Firm R3 And World's Biggest Banks Build Blockchain-based Payments System

Fintech firm R3 and world's biggest banks build blockchain-based payments system Barclays and HSBCare among 22 banks said to have worked on the international payments system Blockchain is a shared database that updates itself in real-time and can process and settle transactions in minutes using computer algorithms ( Reuters ) Fintech firm R3 and 22 of the worlds biggest banks have together developed an international payments system that would allow existing central bank currencies and any new digital ones to be transacted via the blockchain, R3 said on Tuesday. The blockchain , which first emerged as the architecture underpinning cryptocurrency bitcoin, is a shared database that updates itself in real-time and can process and settle transactions in minutes using computer algorithms, with no need for third-party verification. Because it does not require manual processing, nor authentication through intermediaries, banks - both commercial ones and central banks - reckon the technology has the potential to make payments faster, more reliable and easier to audit. Bitcoin boom failing to attract big name investors Natixis believes in the potential of distributed ledger technology for cross-border payments and is exploring several initiatives in that space, said Frederic Dalibard, head of digital for corporate & investment banking at Natixis, one of the banks involved in the project. Other banks that worked on the project - the prototype for which will be released by the end of the year, they said - include Barclays , HBSC and Commerzbank. There have been other efforts to develop blockchain-based systems for cross-border payments - one of the areas most commonly identified as ripe for blockchain-based innovation, such as a UBS-led initiative to create a utility settlement co Continue reading >>

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