R3CEV Successfully Tests Corda Blockchain

News and Analysis

Bank consortium R3CEV has announced it successfully completed testing blockchain technology for usage in settlements between international financial organizations. Fifteen members of the consortium took part in the test: Barclays, BBVA, BNP Paribas, Commonwealth Bank of Australia, Danske Bank, ING Bank, Intesa Sanpaolo, Natixis, Nordea, Scotiabank, UBS, UniCredit, US Bank and Wells Fargo.

The experiments studied private blockchain Corda’s capabilities regarding invoices of loan receivables and transactions. R3’s David Rutter has stated that the tests confirmed Corda’s ability to become a key to transforming international operations on modern financial markets.

R3CEV first announced Corda this March. In a short while, Barclays presented a demo version of smart contracts platform based on Corda.

R3CEV was established in late 2015. Currently, it is an umbrella organization for upwards of 50 companies. The consortium’s supreme goal is to develop its own blockchain-based solutions for optimization of bank operations.
Bitcoin community generally criticizes R3CEV insisting that the consortium’s true objective is to halt cryptocurrency development to retain the domination of major financial corporations on the global financial market.

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