R3 conducts Blockchain trail with first 11 banks

R3 CEV is set to trial its first Blockchain experiment using Ethereum and Microsoft Azure’s Blockchain as a Service, and involving 11 of its member banks.

The R3-managed private peer-to-peer distributed ledger connected Barclays, BMO Financial Group,

R3 conducts Blockchain trail with first 11 banks

Credit Suisse, Commonwealth Bank of Australia, HSBC, Natixis, Royal Bank of Scotland, TD Bank, UBS, UniCredit and Wells Fargo.

Participants were able to explore the technology’s potential to execute financial transactions instantaneously across the global private network. The banks simulated exchanging value, represented by tokenised assets on the distributed ledger without the need for a centralised third party, said R3 in a statement.

The experiment, which was curated in the R3 Global Collaborative Labs (GCL) environment, represents a significant milestone in collaboration for the R3 consortium and a major step forward for the application of distributed ledger technology across the entire industry, it said.

This collaborative experiment is the first in a series of projects, using a range of candidate distributed ledger technologies, and is designed to prove suitability of distributed ledgers for financial markets use cases. R3 will be announcing a series of additional projects borne out of its collaborative lab workshops over the course of 2016.

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