The platform is intended to facilitate domestic and cross-border trade for small and medium enterprises in Europe and increase overall trade transaction transparency.
Seven large banks are collaborating to make domestic and cross-border commerce easier for European small and medium-sized enterprises.
The banks are planning to develop a new digital cash to serve as a standard for financial trades settlement.
The World Economic Forum 2016 in Switzerland is expected to concentrate on the topic of fintech revolution this year.
Thus R3 project has just grown up to 42 members – the world’s largest and most influential banks.
The blockchain holds huge promise for the future of the financial industry, with the world’s leading organizations developing solutions based on the bitcoin technology.
Thirteen top banks, including Citi, Bank of America and Deutsche Bank, have joined a consortium led by financial tech firm R3 that is developing blockchain technology for the financial industry.