According to a February 5th press release, the Wall Street Blockchain Alliance has joined R3 blockchain consortium. The goal of this new move is to aid in the development of real world applications of R3’s Corda platform. In a statement by R3’s CEO, David E. Rutter, it was emphasized that the collaboration will target regulatory bodies making it easy for the entire financial market to enjoy the benefits of blockchain technology. Part of the statement was as follows:
“This partnership is meant to advocate a strategic approach to working with regulators so that the global financial markets and every other industry can enjoy the benefits of blockchain technology.”
The Wall Street Blockchain Alliance is a non-profit organization that was developed to promote the adoption of blockchain technology and cryptocurrencies across international markets. This is why joining R3 is a good idea. The R3 blockchain consortium already has more than 300 partners across the globe. So, it is the perfect body to assist the Wall Street Blockchain Alliance as it promotes blockchain technology.
The consortium developed the Corda platform in partnership with the Corda Foundation. The platform is an open source system based on blockchain technology. It is meant for public and private establishments across various industries around the world. With Corda, companies can perform transactions directly using smart contracts while the privacy and security of the user remains uncompromised.
The Corda Network was launched by R3 but its operations are controlled by the Corda Network Foundation. The Wall Street Blockchain Alliance isn’t the first to join R3 with interest in Corda. On the 30th of January, SBI Holdings announced that it would be entering into a partnership with R3. The aim of this partnership is to promote the use of Corda on a local level.
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Still towards the end of January, the global payment services provider, SWIFT, announced that it was making plans to develop a proof-of-concept gateway. This gateway would allow R3’s Corda link to Swift’s GPI. While Swift has taken interest in the technology, the CEO of the company still believes that its too early to fully implement blockchain into the financial sector.
What do you have to say about Wall Street Blockchain Alliance joining R3? Share your thoughts in the comments section.