Cross-border payments platform on Corda DLT Tech by R3

Distributed ledger consortium R3 unveils a cross-border payments platform built on Corda DLT Tech
01 November 2017   768

Distributed ledger consortium R3 and 22 of its member banks have developed a solution that leverages distributed ledger technology (DLT) to enable fast, efficient and cost-effective cross-border payments. The prototype is to be released by the end of 2017

Banks involved in the initiative include Barclays, BBVA, CIBC, Commerzbank, DNB, HSBC, Intesa, KBC, KB Kookmin Bank, KEB Hana Bank, Natixis, Shinhan Bank, TD Bank, U.S. Bank and Woori Bank. 

As detailed, the solution works by creating a representation of fiat currencies on ledger, and is programmed to enable interaction with central bank digital currencies as they are rolled out. It will improve world trade efficiencies by facilitating instant international payments.

International payments systems have struggled to keep pace with the explosion of global trade and the globalisation of the world’s markets. This marks a significant milestone for distributed ledger technology as we work alongside our bank members to harness its unique attributes to build the world’s first true international payments system. This solution will be a game-changer for any bank or company whose business relies on making or receiving cross-order payments, and is a key part of R3’s wider strategy to leverage distributed ledger technology for faster and more efficient execution of all types of financial transaction.
 

David E. Rutter
CEO of R3

The unveiling comes just a month after the startup announced version 1.0 of Corda.

On top of that, other projects built around R3's core tech offering have been unveiled in recent days, including a trade finance-focused partnership involving U.K.-based Bolero.

DFINITY to Postpone Internet Computer Launch

The project is currently assessing the time frame for the completion of the MVP
14 December 2018   67

The blockchain project Dfinity reported in its blog postponing the launch of its main product.

Previously, Dfinity chief scientist Dominic Williams said that his company intends to create an “Internet computer that will become cloud 3.0”, compete with Google Cloud and Microsoft Azure, and also change the face of the blockchain industry.

According to him, the project team is developing a technology that has 150 higher performance than Ethereum blockchain and 900 times - Bitcoin. In essence, the project creates a “giant Internet computer”, whose work will be supported not by one company, but by all participants of the Dfinity protocol.

Initially, the release of a minimum viable product (MVP) was planned for the first quarter of 2019. However, according to company representatives, working on a trimmed version may slow down progress in creating a complete product.

The project is currently assessing the time frame for the completion of the MVP. Also, noted in Dfinity, before the end of the first quarter a new set of development tools (SDK) will be released, which will shed light on the future plans of the company.

In August, the Dfinity Foundation attracted $ 102 million of investments in the framework of a closed tokensale. Prior to this, at the beginning of the year, the Dfinity Foundation raised $ 61 million from Andreessen Horowitz and Polychain Capital.