R3

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R3 (R3CEV LLC) is a financial and technological researching company based in New-York. It leads the consortium of more than 70 global financial companies in the sphere of researching and development of block chain technologies in a financial system. R3 was founded in 2014 by David E. Rutter. Now the director of the company is Richard G. Brown.

The Consortium[edit]

Due to the consortium was created the distributed open-source platform named Corda, which mainly focused on the financial sector.

Corda is engaged in processing of complicated transactions and restricts access to the transaction data. Although Corda is influenced by blockchain technologies, it is not a blockchain project.

The goal of Corda is to provide a platform with basic services which can make solutions based on this infrastructure compatible. Corda contributes to development of innovating solutions and makes possible to reduce their time to market, because the underlying infrastructure is supported at least by those participants, who joined the consortium.

The code of Corda was released on November 30, 2016, and in the future it possibly can be used in Hyperledger. Hyperledger is a cross-sectoral project which is led by non-profit organization, Linux Foundation that engaged in promoting blockchain technologies by developing common standards.

The History[edit]

The consortium was founded on September 15, 2015 by nine financial companies: Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, Goldman Sachs, JP Morgan, Royal Bank of Scotland, State Street and UBS. By the April 2016 there already were dozens of another financial companies which entered the consortium, including Toyota Financial Services, Deutsche Bank, Société Générale and many others.

On May 23, 2017, R3 publicly announced that it has invested, as a part of Series A Financing round, $ 107 million in the distributed registration technology in which participating more than 40 institutions that cover more than 15 countries.

See also[edit]