IPC Systems, a trading-communications firm in the United States, has joined the list of firms that are in partnership with the R3 consortium. This is according to a December 3rd press release. IPC is a company that offers trading technology services. It is well-known for producing trading turrets. Turrets are communication systems that are used on the trading desks of financial traders. With this partnership, IPC intends do support the Corda blockchain networks of the consortium on the Connexus platform.
Connexus Platform And The Financial Market
Connexus Cloud is a cloud-based platform that was created by IPC systems. It is used for voice, business and data communications as well as compliance. It’s users includes energy firms, financial industry firms, clearing companies, liquidity revenues, and market data.
R3’s Corda blockchain network uses smart contracts. These smart contracts are triggered by volatility or price developments in the industry. R3 and IPC will be able to provide data for capital markets thus giving the smart contracts a more accurate source of information.
Robert Coole, the director of product management at IPC, said:
“Over the years, the interest financial institutions have in blockchain technology has increased significantly. There is a nonstop growth of investments to promote this new technology.”
At the time of writing, 26 companies in France and five banks had finished a KYC test on the Corda platform. Those who participated in the trial were able to implement the know your customer requests using a shared network. Banks, could request access to data while clients had the power to either approve or revoke the access. All the data was recorded on the blockchain.
In November, the Japan Payment Card Consortium and SBI Ripple Asia, announced that they were ready to present a joint proof of concept that was aimed at combating fraud using Corda’s blockchain technology. The proof of concept will also prevent damage that may be caused by fraudulent transactions because the system data will be shared on a need to know basis.