Distributed ledger consortium R3 and 22 of its member banks have announced a cross-border payments platform built on top of the company's Corda technology.
Centered around the concept of creating digitized versions of fiat currencies that can be exchanged and transferred between different parties, the effort has seen involvement from banks including Barclays, BBVA, CIBC and Commerzbank.
The unveiling comes just a month after the startup announced version 1.
Chinese search engine giant Baidu has become the latest member of the Linux Foundation-led Hyperledger blockchain consortium.
In joining the group – which focuses on developing blockchain technologies for enterprises – Baidu will assist the project's efforts alongside other member companies including Accenture, IBM, JP Morgan, R3, Cisco and SAP, among others.
Explaining the firm's reasons for joining Hyperledger in a statement, Baidu vice president Zhang Xuyang cited the belief that blockchain could help "better tailor" its search preferences according to users' needs.
A consortium of banks is planning to launch a joint business venture for its in-development blockchain commerce platform.
Aiming to ease European domestic and cross-border trade, the Digital Trade Chain group is building a distributed ledger framework that connects a buyer, sellers, banks and intermediaries to simplify transaction management and tracking.
To that end, the consortium will create a new business entity in the Republic of Ireland, jointly owned by the eight founding banks, that will manage and distribute the offering, now rebranded as "we.
Rob Palatnick is a managing director and the chief technology officer at the Depository Trust and Clearing Corporation, one of the world’s largest financial market infrastructure providers.
In this opinion piece, looking ahead to next week's annual Sibos conference, Palatnick takes stock of blockchain technology's progress in transforming the plumbing of global markets, and explains why cooperation is critical for further advancement.