RBI announced that it had become the first Austrian bank joining R3. R3 – is on of the biggest Blockchain consortium which is popular among banks, financial regulators, tech companies and trade associations.
R3 uses Corda, Blockchain platform designed for finance and trade and creating proof of concept system. In October Blockchain developer in New-York launched updated version of Corda.
Michael Hoellerer, RBI Plenipotentiary who responses for digital strategy explained that such decision will allow them to collaborate with peers and this step will boost the growth of RBI innovations.
Joining R3, RBI is to deal with different payment solutions, digital ID, trade finance, capital markets and so on.
In September 2015 with support of Barclays Credit Suisse, BBVA, Commonwealth Bank of Australia, Goldman Sachs, JPMorgan, Royal Bank of Scotland, State Street, and UBS launched R3. And this consortium didn’t launched it’s own cryptocurrency like Ripple’s did.
Now R3 widens it’s partnership with Microsoft and updates Corda to adopt it for Microsoft Azure. This step will approve Azure as R3 provider of choice.