Several major banks have partnered with the blockchain Alliance R3

Several major banks have partnered with the blockchain Alliance R3

According to a press release blockchain consortium R3, trading platform TradeIX and a group of the world’s leading banks, announced the launch of a new pilot platform.

The new platform will operate using the technology of distributed registries from R3 called Corda. The ultimate goal of this initiative, called Marco Polo, is to develop a “fully interoperable” financial Torgovy network, which intends to eliminate or at least greatly simplify all processes in the supply chain.

According to Ivar Virsma, head of innovation at ING Wholesale Banking, the viability of the concept was confirmed during testing in cooperation with ING, BNP and Commerzbank.

Connie Leon from Microsoft, which is a partner of R3 from 2016, commented on this project:

The industry needs solutions that simplify the digitization of trading. The blockchain can be used in the supply chain.

On Tuesday, February 20, R3 Blockchain Alliance also announced the creation of a legal centre (LCoE), which will bring together a group of law firms, to joint efforts to introduce lawyers around the world with the technology of the blockchain.

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