R3, 15 Consortium Members Complete Prototypes on Using Smart Contracts for Trade Finance
The R3 consortium has disclosed that it has worked with over 15 of its member banks to complete two distributed ledger technology prototypes. They demonstrate how the technology can address the key challenges facing the $45 billion global trade finance industry. R3 is a financial innovation firm that leads a consortium partnership with over 50 of the world’s leading financial institutions. These prototypes validate distributed and shared ledger technology as a faster, more reliable, and cost-effective digital alternative for trade financing. Participating banks designed and utilized smart....
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The four major accounting firms in the world are set to meet with the American Institute of Certified Public Accountants to discuss the establishment of a distributed ledger consortium. Known as the 'Big Four', Deloitte, Ernst & Young, KPMG and PwC will be looking at various Blockchain solutions for the accounting sector just as the R3 Consortium - which has over 50 members - has been doing the financial sector. R3 seems to have set a trend. R3 and over 15 of its consortium member banks recently successfully completed two prototypes which demonstrate how distributed ledger technology can....
R3’s Corda distributed ledger platform will support digital currencies later, a spokesperson for the financial innovation company has confirmed. Corda was used by R3 and over 15 of its consortium member banks to successfully complete two prototypes that demonstrate how distributed ledger technology can address the key challenges facing the $45 billion global trade finance industry. The spokesperson says to CoinTelegraph: “The prototypes didn’t require native currencies, but the products we are developing will be designed to support existing fiat currencies and native digital currencies.”....
A new blockchain consortium has been formed in South Korea, with both established finance firms and technology startups on its membership roster. According to one of the group's members – blockchain startup The Loop – the new initiative will focus some of its efforts on building tools for managing trade finance processes. The firm said in a statement: “Beyond providing [the] blockchain-based authentication and information sharing system, we collaborate with other technology providers on developing a prototype for financial services in areas of securities trade and post trade, the prototype....
R3 consortium is spearheading efforts to develop and implement master templates for smart contracts. Following the R3 Smart Contract Templates Summit in London and New York in late June, R3 has agreed to collaborate with a working group of its consortium members, standards bodies, law firms, academic institutions, exchanges and market infrastructure providers. The group includes Barclays, the International Swaps and Derivatives Association (ISDA), Norton Rose Fulbright and University College London (UCL). The group’s aim is to develop repositories of smart contract templates for banks to....
Lost in our 'pie-in-the-sky' projections on the future of blockchains is the most important concern anyone should have on the technology: What are the opportunity costs? Nowhere is that more pronounced in the current debates then in the case of the "smart contract". While I believe that smart contracts will provide a number of efficiencies in our blockchain future, there's one category of smart contracts that I'm most skeptical of – that of the recently popular "Turing complete" smart contract. All smart contract platforms in use today fall into roughly two broad....