Category Archives: Corda Enterprise

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SBI, R3 Venture to Further Adoption of Enterprise Blockchain

SBI, R3 Venture to Further Adoption of Enterprise Blockchain

A notice released today by Tokyo-based financial service firm SBI Holdings has revealed a joint venture with R3 where it holds a major outside shareholder, to further the adoption of enterprise-grade blockchain solutions.

As per the notice, the joint venture is to be sited in Eastern Asia and will take JPY 500 million (USD 4,572,500)  to set up. Expectations include facilitating the introduction of Corda license as well as the adoption of Corda Enterprise — the consortium’s open source blockchain platform for modern-day business.

R3 is a consortium comprising of over 300 partners to include banks and regulatory agencies. It has made headway in getting its product out there, with a recent partnership with Dutch banking group ING granting the firm an operating license to use Corda Enterprise across its services.

SBI Holdings, on the other hand, has been quite active of late into digital asset platforms and blockchain industry as a whole. Bitcoin News previously reported on SBI’s recent USD 15 million investment into blockchain smart card wallet provider Tandem, being the third investment into wallet providers.

The notice further clarified on SBI’s position in expanding its investment role in the digital asset industry, which included “enhancing the ecosystem”. The financial firm has recognized blockchain as “the core technology of next-generation fintech”.

Apparently, mass adoption of blockchain industry has different phases which include the use of cryptocurrency in mainstream spending, institutional grade fintech maneuvering, and other non-fintech applications.

So far, the enterprise-grade framework takes up a bit of the fintech and non-fintech applications, making it an important facet of the industry expedient for the full maturity and mainstream adoption of blockchain-based products.

Large funds continue to flow from traditional firms into the blockchain ecosystem. This suggests that the blockchain quest may have moved from a hype driven hysteria to a conscious state of building sustainable fintech products.

Less than a week ago, Nasdaq was reportedly involved in a series B investment of about USD 20 million into enterprise blockchain platform Symbiont. The investment included Citi, Galaxy Digital, and Raptor Group as reported by Forbes which said that it “marks the latest escalation in an arms race among traditional exchanges looking to capitalize on the technology”.

 

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Four Major Euro Banks Collaborate to Use Corda R3 for Debt Solution

It’s been reported that four major European banks have used R3’s Corda platform to create a live transaction for their Euro Debt Solution.

The banks, Commerzbank, ING, Natixis, and Rabobank have adapted blockchain technology, according to a new Banking Tech report, by finding a solution to minimize operational costs and risks using R3. Corda is a distributed ledger platform that is the outcome of over two years of intense research and development by R3 and 80 of the world’s largest financial institutions.

The banks combined their individual strengths to develop the solution. Natixis as the issuer, Rabobank as the investor, while ING acts as both the dealer and escrow agent. Commerzbank, on the other hand, provides the pilot framework, software and distributed ledger network for the transaction which involved the issuance of a one-day maturity Euro Commercial Paper (ECP) worth EUR100,000 or more than $113,000. ING’s head of money market and central bank sales commented:

“This live trade lays the foundation for dealing ECP more efficiently and cost-effectively. It also marks the start of building an improved DLT platform that enables direct settlement and reduces operational risk and costs at the same time.”

Ripple’s XRP has become the banking system’s go-to transaction solution in the crypto sphere, but this use of the Corda platform demonstrates that Ripple has not got a complete stranglehold on the space for such payments.

R3 leads a consortium of more than 200 financial institutions in research and development of DLT usage in the financial system and other commercial sectors. Corda was designed for dealing with complex transactions and security and is expected to have many of the benefits of the blockchain. A new version of Corda was released earlier this year aimed specifically at businesses, called Corda Enterprise, it includes a blockchain applications firewall.

However, Ripple does appear to be growing from strength to strength following the company’s recent announcement that Japanese banking corporation Mitsubishi UFJ Financial Group (MUFJ) Inc has struck a partnership with Brazilian bank Banco Bradesco for a new Ripple-based cross-border payments system.

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