BLOCKCHAIN

Blockchain Firm R3 Doubles Down on London as Post-Brexit Technology Hub

R3, the enterprise blockchain software firm, has reaffirmed its commitment to London, doubling the size of its London Wall hub to accommodate its rapidly growing engineering team.

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David Rutter
David Rutter

“There is enormous opportunity for London post-Brexit,” said R3 CEO David E. Rutter.

“While there clearly remain some uncertainties, we believe the city is well placed and established to thrive in the coming years. That’s why we are confident in making this substantial long-term commitment now. R3 is committed to ensuring the technology underpinning Corda is cutting-edge. To continue to do this, we need the very best people. It makes complete sense to look to London as we further develop the ways that blockchain can be developed and deployed.  As our software gains more use cases and across more sectors, we will be looking to invest further in top talent – London and elsewhere.”

The extra space will also support an aggressive hiring plan to increase the company’s global headcount from its current level of 215 to nearly 300 by the end of the year.

R3 LogoOf this, over half of the new hires will be in the London office, with more than 40 new recruits being made in the capital.

The firm’s roster of new hires will consist largely of software engineers, along with commercial and client-facing roles around the world.

This initiative is a cornerstone of R3’s rapid growth plans that include an additional engineering centre in a new city by the early of 2020.

R3 is currently evaluating the best location for the second site and will make that selection in the coming months.

The expansion represents a strong commitment from R3 to London.

London has gained a reputation as a global technology hub and last year, despite the ongoing uncertainty of the Brexit negotiations, attracted more Foreign Direct Investment than any other city.

It was independently ranked as the top global fintech hub by EY and Deloitte and hosts over half of FinTech50’s leading fintech firms1.

While enterprise blockchain is still in its early years, it is now being deployed by some of the world’s largest companies across sectors as diverse as healthcare, insurance, capital markets and global trade.

R3’s Corda blockchain serves as the foundation for many of these initiatives, becoming one of the leading blockchain platforms for enterprise use.

The growth of the engineering team will ensure that the hundreds of businesses who build their applications on Corda can continue to deploy blockchain solutions simply and successfully.

In February, Sumitomo Mitsui Banking Corporation (SMBC), Japan’s second largest bank by assets, finalized a proof-of-concept (PoC) utilizing R3’s Marco Polo trade finance platform.

Marco Polo is a partnership between Irish technology company TradeIX and blockchain consortium R3 to target trade finance utilizing blockchain technology.

Using R3’s Corda blockchain, 15 consortium member banks are contributing to the Marco Polo project, including BNP Paribas, ING, and NatWest.

In May 2018, Bangkok Bank, the largest bank in Thailand, merged with the consortium in an effort to streamline trade finance.

R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 300 firms across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage.

R3’s global team of over 200 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its vibrant ecosystem base.

The Corda platform is already being used in industries from financial services to healthcare, shipping, insurance and more. It records, manages and executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce. www.r3.com | corda.net

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BLOCKCHAIN

Japan’s Second Largest Bank Finalizes R3 Blockchain Trade Finance Proof-of-Concept

TOKYO – Sumitomo Mitsui Banking Corporation (SMBC), Japan’s second largest bank by assets, has finalized a proof-of-concept (PoC) utilizing blockchain consortium R3’s Marco Polo trade finance platform.

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“The PoC was conducted between SMBC and Mitsui & Co. which aims to improve productivity in its trade operations, by testing modules such as Receivable Finance and Payment Commitment (Payment Undertaking),” the company stated.

“SMBC expects to commercialize Marco Polo in the first half of (the financial year 2019) after verification of the PoC.”

Marco Polo is a partnership between Irish technology company TradeIX and blockchain consortium R3 to target trade finance utilizing blockchain technology.

Using R3’s Corda blockchain, 15 consortium member banks are contributing to the Marco Polo project, including BNP Paribas, ING, and NatWest.

In May 2018, Bangkok Bank, the largest bank in Thailand, merged with the consortium in an effort to streamline trade finance.

Founded in 2014, R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 300 members and partners across multiple industries from both the private and public sectors to develop on Corda, their open-source blockchain platform, and Corda Enterprise, a commercial version for enterprise usage.

The global team of over 190 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from their global member base.

The Corda platform is already being used in industries from financial services to healthcare, shipping, insurance and more. It records, manages, executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce.

Traditional permission-less blockchain platforms-in which all data is shared with all parties-have issues around privacy, scalability, and interoperability that render them largely unsuited for global businesses.

R3 rethought the blockchain concept from top to bottom and in 2016 they launched Corda, an open source blockchain platform.

In 2018, the company introduced Corda Enterprise-a commercial version of Corda specifically optimized to meet the demands of modern day businesses.

The Corda platform was developed in close collaboration with a vast network of financial institutions, regulators, trade associations, professional services firms and technology companies to leverage the power of blockchain to address their specific business challenges.

As Corda was designed to meet the highest standards of one of the most complex and highly regulated industries in the world, it can be applied seamlessly to all other areas of business.

Now offering the choice between Corda Enterprise and Corda open source, R3’s Corda platform is the only technology platform that truly delivers on the promise of blockchain for business.

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R3 Launches Settler Application for Global Payments on Corda, Adopts XRP

R3, the world’s leading developer of enterprise blockchain solutions for business, has launched its new Corda Settler, an application purpose-built to allow for payment obligations raised on the Corda blockchain platform to be made through any of the world’s payment systems, both traditional and blockchain-based.

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XRP is the first globally recognized cryptocurrency to be supported by the Settler, bringing the Corda and XRP ecosystems into closer alignment.

The Corda Settler is an open source CorDapp that allows payment obligations arising on the Corda Network to be settled via any parallel rail supporting cryptocurrencies or other crypto assets, and any traditional rail capable of providing cryptographic proof of settlement.

Uniquely, the Corda Settler will verify that the beneficiary’s account was credited with the expected payment, automatically updating the Corda ledger.

In the next phase of development, the Settler will support domestic deferred net settlement and real-time gross settlement payments.

Richard Gendal Brown
Richard Gendal Brown

“The deployment of the Corda Settler and its support for XRP as the first settlement mechanism is an important step in showing how the powerful ecosystems cultivated by two of the of the world’s most influential crypto and blockchain communities can work together,” said Richard Gendal Brown, Chief Technology Officer at R3.

“While the Settler will be open to all forms of crypto and traditional assets, this demonstration with XRP is the next logical step in showing how widespread acceptance and use of digital assets to transfer value and make payments can be achieved.”

When a payment obligation arises on Corda during the course of business, one party now has the option to request settlement using XRP.

The other party can be notified that settlement in XRP has been requested and that they must instruct a payment to the required address before the specified deadline.

Once an oracle service validates the payment has been made then both parties can treat the obligation as settled.

R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 200 members and partners across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage.

R3’s global team of over 180 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base.

R3 is backed by investment of over USD 120 million from more than 45 firms. The Corda platform is already being used in industries from financial services to healthcare, shipping, insurance and more.

It records, manages and executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce.

Learn more about the Settler here.

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BLOCKCHAIN

Bloxian Technology Partners With R3 to Build Products on the Corda Blockchain

SYDNEY — Bloxian Technology has partnered with enterprise software firm R3 to develop innovative products and solutions for commerce on its Corda blockchain platform.

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Kunal Chhabra, Bloxian Technology

“Our partnership with R3 will further strengthen our ability to help customers refactor their business processes by adopting distributed ledger technology. The tools, technology and methodology in place by team Corda gives us additional leverage in this journey of value creation. R3 is also a great platform for us to have access to a network of innovative organizations,” said Kunal Chhabra, VP Innovation and Strategy at Bloxian Technology.

Bloxian Technology is a Sydney-based startup focused on connecting enterprises to distributed ledger technology and has delivered a number of proof-of-concepts and projects for large enterprises.

David Rutter
David Rutter, CEO of R3

“We are pleased to welcome Bloxian Technology to our rapidly growing Corda partner network and we look forward to working with them. Our partners are harnessing the power of Corda to develop cutting-edge blockchain applications that will transform the world of business as we know it,” said David Rutter, CEO of R3.

It recently launched a blockchain development platform enabling enterprises to drastically reduce blockchain project implementation timelines.

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Bloxian Technology over the last year has made significant investments in Corda and has a pool of over 20 Corda developers.

In addition to building products and platforms on Corda, Bloxian has built frameworks and accelarators that can help enterprises accelerate the learning and adoption of the Corda blockchain platform.

It joins R3’s global network of more than 200 of the world’s largest financial services firms, technology companies, central banks, regulators, and trade associations working together on Corda.

BLOXIAN

Corda is the world’s only enterprise blockchain platform designed to record, manage and synchronise contracts and other shared data between trading partners and to meet the complex requirements of the world’s largest financial institutions.

As Corda was designed to meet the highest standards of the financial services industry, one of the most complex and highly regulated industries in the world, it can also be applied seamlessly to all other areas of commerce.

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