- R3, a financial technology company, said Monday that dozens of firms are engaging with its open source distributed database network Corda
- More than 100 banks, insurance firms, regulators and trade associations are collaborating with the fintech as members
The financial technology (fintech) company said Monday that dozens of firms are engaging with its open source distributed database network Corda.
Blockchain, one of the fastest growing technologies around, is seeing increasing interest from big tech and financial multinationals alike.
Also known as distributed ledger technology, blockchain allows vast amounts of data to be stored across a network of computers around the world rather than on one local server.
R3 added that, as well as the growth of the number of partners using its Corda platform, more than 100 banks, insurance firms, regulators and trade associations are collaborating with the fintech company as members.
"Intense" research and development has been poured into Corda over the last two years, R3 said.
The Corda platform is used to develop distributed ledger solutions that are interoperable. This means enabling software applications to communicate, exchange data and use that exchanged data.
"We recognized early on the potential for our partners to generate revenue by contributing to a vibrant ecosystem of interoperable distributed ledger applications," R3 CEO David E. Rutter said in a statement Monday.
"Our open, collaborative community gives companies complete freedom to develop innovative solutions to their customers' specific challenges. We are delighted with the demand we have seen from companies in different industries and regions to profit while working together with R3 to make Corda the leading peer-to-peer platform for global commerce."
In October, R3 said it had worked with a number of international banks including Natixis, Barclays, HSBC and Commerzbank on a blockchain-based payments network to speed up cross-border transactions.
The firm raised $107 million from 40 investors earlier this year, including Intel, HSBC and Bank of America Merrill Lynch.