R3 CEO David Rutter has stated that his company seeks to build the "operating system of finance" and compared their project to a platform like Apple's App Store. R3 (or R3CEV) is a distributed database company headquartered in New York City. The firm leads a consortium aimed at the development of blockchain database usage in the financial system. Their plan is to unify the banking system by one...
After long and careful consideration, R3CEV, better known as the R3 consortium, also simply called R3, reportedly denied the application of Russia’s Largest Bank, Sberbank, to join the rest of the banks in the consortium due to international sanctions against Russia. Since the introduction of Bitcoin and the concept of blockchain technology in 2009, the blockchain has represented the following...
New York-based blockchain startup R3, known for spearheading an international banking-based blockchain consortium has reportedly called on Sri Lanka’s central bank to join the working group. R3 has wooed over 80 the world’s biggest banks and financial institutions to collaborate under the common roof of its blockchain consortium. The consortium has notably worked with regulators in developing...
Manifold Technology has made its patented blockchain platform available to allow non-technical developers to build enterprise-ready, blockchain-enabled applications. Users do not have to be blockchain experts to build and deploy applications. The platform has already been used to transform the Royal Bank of Canada's rewards program, and to enable R3CEV consortium member banks to demonstrate...
Ferdinando Ametrano, a professor at Politecnico di Milano, Italy’s largest tech university, recently criticized the blockchain hype revolving around banks in an interview at the Blockchain Money conference, describing the efforts of banks and financial institutions in creating a blockchain without a native digital currency as nonsensical. Over the past two years, the world’s largest banks and...
The private blockchain consortium led by blockchain technology startup R3 has added its newest member in China Merchants Bank, a Chinese banking giant. Guangdong-based China Merchants Bank (CMB), the first commercial bank wholly owned by corporate legal entities in China is now the second Chinese member to join the R3-led banking blockchain consortium. As of March 2016, CMB showed total assets of...
MetLife Inc., one of the largest insurers in the world has joined the R3-led blockchain consortium that now counts 60 of the world’s largest financial institutions. Insurance giant MetLife is the latest financial institution to join the financial private blockchain consortium led by New York-based startup R3. MetLife will partner and interact with other R3 members in an effort to explore the...
Editor's Note: A spokesperson for R3 reached out to CCN to clarify content from the WSJ article. The patent applied for by R3 is for its software Corda, not Concord, as reported earlier. The article has been edited. R3, the blockchain startup leading the banking blockchain consortium consisting of over 60 of the world’s leading banks has reportedly filed a patent for its distributed technology. A...