R3 Adds 13 Banks for Their Global Financial Services Blockchain Initiative

R3, a global consortium of banks founded by former banking executives to create a distributed financial ledger, has announced another round of banks entering the initiative. 13 additional banks are joining the initial 9 firms that collaborate on the project.

Now a collaboration that includes 22 banks, the goal of R3 is to create a distributable ledger using Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology that can be scaled to provide suitable services for the financial industry. Among the tasks of R3 is developing methods to integrate existing facets of the financial industry such as recording asset ownership, reporting trades and handling settlements within a public blockchain.

Joining the original nine banks are: Bank of America, BNY Mellon, Mitsubishi UFJ Financial Group, Citi, Commerzbank, Deutsche Bank, HSBC, Morgan Stanley, National Australia Bank, Royal Bank of Canada, SEB, Societe Generale and Toronto-Dominion Bank. Among them include several firms such as Citi and Deutsche Bank that have also launched proprietary initiatives for the use of blockchain technology within their own companies for internal needs and to support customers.

An interesting aspect of R3 is that its co-founders, David Rutter and Jesse Edwards, are simultaneously working on another project, LiquidityEdge, a Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term for US Treasury securities. A similarity between R3 and LiquidityEdge is use of network effect models, becoming more important as the projects scale to a larger audience. In addition, both initiatives include overlapping bank partners.

With regard to the current R3 news, David Rutter stated: “We have placed an emphasis on working with the market from day one, and our partners recognise that a collaborative model is the best way to quickly, efficiently and cost-effectively deliver these new technologies to global financial markets.”