R3 outside banking

Home » FINTECH » R3 outside banking
2018-04-14
R3 outside banking

R3 was launched as a consortium of more than 70 banks interested in development and integration of blockchain in the financial system. But what if it goes further?

Expanding

As a startup company with a few hundred staff, R3 has started to promote Corda – the platform powered by distributed ledger technology – as a tool to connect diverse enterprises, not only financial ones. The basic concept is simple: if businesses share information and resources with each other on a single platform, they can decrease repetitive processes and at the same time be sure that everyone is on the same page.

For instance, hotels, airlines, and travel agencies can reach an agreement on all the points about seats on the plane and booked rooms realizing that the shared information is identical for anyone at any time. So Corda has a potential to build a global “automatic economy” with bots that help to manage multiple chains of supply.

Corda has already drawn much attention on what R3 led by Richard Gendal Brown is doing as now many corporations are thinking about blockchain integration for their needs. At the same time, the closest competitor Hyperledger is on its way to equip each enterprise and industry sector with some kind of distributed ledger solution. For the R3 team, it is an experimental period. At the moment it is in its final stage with the development of the paid version of the open-source platform that will be available in a couple of months beyond the members of the financial consortium.

Open and secured

We are so used to publicity and transparency of blockchain but R3 propose something definitely new. How about blockchains accessible for corporate members only? The model of inclusion means that the network is still open but simultaneously it stays confidential, safe and permissioned.

On the one hand, R3 is inspired by the idea of the decentralized economy with the single business algorithm that can abolish discrepancy of diverse applications. On the other hand, the company realizes that what is reasonable for cryptocurrencies, can be undesirable for business. Public networks powered by blockchain technology often share too much data. The Corda’s solution implies to reduce the amount of information distributed to the participants.

The float

Generally, companies keep their information in totally secured centers and use their own software to protect it. And information which companies need to reach an agreement and set connections with each other is kept also there. The problem is that the firms have to link together using the public internet. If the company set a business blockchain node simply on the internet – a usual practice for cryptocurrencies – it will be at least risky and inefficiently.

Corda provides a node that is integrated into the system of financial structure, manufacture or hotel and effectively protected by the firm. However, a little piece of the node can still connect with other companies. It also noticeable on the internet. The R3 team calls it “the float” as it binds the basic node with the public surface. The company assures that the Corda node is extra little and safe.

CRYPTOCURRENCIES
  • bitcoinBitcoin$5,083.45
  • ethereumEthereum$165.21
  • rippleXRP$0.328517
  • tetherTether$1.01
  • eosEOS$5.35
  • stellarStellar$0.115521
  • litecoinLitecoin$79.53
  • cardanoCardano$0.084586
  • tronTRON$0.026728
  • moneroMonero$67.88
  • iotaIOTA$0.319961
  • nemNEM$0.066040
  • dashDash$120.93
  • neoNEO$11.38
What is Cryptocurrency? How to Use, the Future of Crypto, the History of Bitcoin
Cryptocurrency market is actively developing and expanding. This relatively new industry is causing a lot of questions and attracting a huge number of investors, businessmen and ordinary people. “What is the future of cryptocurrency?”, “How to choose cryptocurrency exchange?”, “How to sell Bitcoins?” “What about cryptocurrency mining”? Millions of people read cryptocurrency news everyday and […]
2019-04-08 0 48
What is Bitcoin?
The cryptocurrency industry is becoming more and more popular all around the world. Despite the fact that there are more than 1000 different cryptocurrencies and the number keeps growing, cryptocurrency is often associated with Bitcoin. Bitcoin is the first modern cryptocurrency in the world; it attracts thousands of users and investors from different countries. Millions […]
2019-03-20 0 46
Bitcoin, Ethereum, Ripple, Monero, Dash, Tron: major differences and features
Investors see different names of cryptocurrencies and the movement of their courses, but typically don’t even know why the digital coins are so popular. Most of us have already Googled “How to buy Bitcoin” or “How to sell Ethereum”. Cryptocurencies are becoming more and more popular: Bitcoin price is fluctuating and its value is not […]
2019-03-19 0 45
What is Blockchain?
“Giving users easy access to many different kinds of digital assets on the blockchain and, particularly, tokens that are linked to assets in the real world, is crucial to seeing blockchain adoption reach the next level, and I applaud Digix Global’s initiative in being the first of many such projects to successfully launch” – Vitalik […]
2019-03-06 0 43
© 2017–2018