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October 20, 2016 08:00 pm

Blockchain Platform Developed by Banks To Be Open-Source

A blockchain platform developed by a group that includes more than 70 of the world's biggest financial institutions is making its code publicly available, in what could become the industry standard for the nascent technology, reports Reuters. From the article: The Corda platform has been developed by a consortium brought together by New-York-based financial technology company R3. It represents the biggest shared effort among banks, insurers, fund managers and other players to work on using blockchain technology in the financial markets. Blockchain, which originated in the digital currency bitcoin, works as a web-based transaction-processing and settlement system. It creates a "golden record" of any given set of data that is automatically replicated for all parties in a secure network, eliminating any need for third-party verification. Banks reckon the technology could save them money by making their operations faster, more efficient and more transparent. They are racing to build products using the technology that will generate new revenue, with dozens of patent applications filed for blockchain-based products by Wall Street's top lenders. R3 says it hopes its platform will become the industry standard, although its intention is indeed for firms to build products on top of it.

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