R3 CEV, New York-based financial innovation firm, is looking to advance commercial apps and to set up coherent standards for distributed ledger technology across the fintech industry to stimulate broad adoption and profit from a network effect.
The company was launched in September 2015, and since then financial services firms from all over the world has shown growing interest in the consortium. At first, 9 world’s large banks united to apply blockchain to financial services, commercial products and financial-grade distributed ledger solutions have been developed and the initiative have no plans to stop. Now, the number of financial institutions taking part in the project development is 42.
David Rutter, CEO of R3, commented: “Partnering with a broad range of institutions has always been central to our strategy of developing distributed ledger technologies that will truly benefit the financial services industry as a whole. Securing the backing of 42 of the world’s leading banks demonstrates the level of interest in our initiative, and we now look forward to exploring collaboration with non-bank institutions and expanding our already diverse group.”
It’s necessary to add that recently the project has brought on board a number of Bitcoin and cryptography experts.
So far, R3 CEV is currently advertising 8 positions such as engineers, a lead architect, a business development associate and a social media manager. In his blog post Richard Gendal Brown, R3 managing director and chief technology officer, says that the company is hiring people with experience in banking technology and who have a passion for the blockchain. The company looks for “talented, motivated professionals to turn our vision into a reality”. Plus, He stresses the importance of understanding Bitcoin, including the ability to “explain the block size debate in a way that all sides would agree was fair.”
Mr Brown offers an interesting IT perspective on where exactly a blockchain framework fits in with the banks:
“The maturation of cryptographic techniques, exemplified in part by ‘blockchain technology’, provides a new opportunity: the possibility of authoritative systems of record that are securely shared between firms. This provides the opportunity to implement new shared platforms for the recording of financial events and processing of business logic: one where a single global logical ledger is authoritative for agreements between firms recorded on it, even though the relationships and obligations recorded remain between those firms.”
Applicants for positions at R3 CEV are invited to email Gendal Brown if they “think the application of modern cryptography, consensus techniques and modern internet-scale technologies to some of the thorniest problems in financial technology sounds exciting.”