Thus R3 project has just grown up to 42 members – the world’s largest and most influential banks.
The basis for this issuance was Corda, R3’s digital ledger technology (DLT) platform that offers a sustainable infrastructure for digitally native notes.
According to the company, R3’s Decentralised Finance network Obscuro can diminish malpractices like front-running.
As per BoE, the intention behind establishing the engagement forum is to accumulate relevant information and data related to the policy formation and functional requirements for its CBDC initiative.
As of July 2020, about 80% of Italian Banks were using R3’s Corda Blockchain to exchange data and this market may play a crucial role in driving the adoption of the XDC coin.
The use of blockchain for exchange of data for interbank reconciliation has reduced the average time from 30-50 days previously to now under a day. The Italian Banking Association is also exploring other potential use-cases of blockchain.
The new members of the CCC will be leverage confidential computing that aims at protecting confidential user data by having a separate storage place free from the main operating system.
Veterans in the tech and finance space have launched InterWork Alliance tasked with providing a neutral platform for the development of the global standards for tokenization.
A Corda-blockchain based trading venture Contour that used to be known under the name Voltron has received a massive money inflow from Standard Chartered (SC).
The group of the biggest world’s banks led by the Bank of England will investigate the economic benefits of a central bank digital currency (CBDC).
R3 has conducted a milestone test of a trade finance offering powered by blockchain which took place on its Corda platform.
NatWest and Coadjute, as well as other property software providers, will launch a new blockchain consortium aimed at simplifying the process of home property purchases.
The BNY Mellon has officially joined the Marco Polo trade finance consortium intending to onboard clients if the network’s capabilities fit the client’s interests to enhance its trade finance business.
Under its Project Ubin, the Monetary Authority of Singapore is working on ways to bring seamless multi-currency payments on a blockchain network.
China apparently has a couple of blockchain projects which once fully implemented will leave the rest of the world in the dust.
SMBC is planning to use R3 and TradeIX’s Marco Polo platform to handle a trade transaction towards the end of the year.