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R3 CEV Blockchain Consortium Filed its First Patent Application

Backed by a host of the world's biggest financial institutions - including Goldman Sachs, JPMorgan Chase and Ping An Financial Services Group - R3 CEV blockchain consortium has filed its first patent application, shedding light on Corda, the software that will be central to its shared ledger project, which could begin rolling out within months. R3 is leading the charge on the development of commercial applications for distributed and shared ledger technology.

In a patent filing seen by the Wall Street Journal, R3 CEV gives a picture of what it has developed over the last year. Dubbed Corda, the software is part of R3's wider blockchain-inspired, shared ledger development project, called Concord in a nod to the harmony being forged between the rivals who have joined the consortium. Concord aims to address challenges such as governance, internal record keeping and regulatory reporting across the financial services marketplace. By moving middle and back office functions to a secure cloud-based ledger, R3 and its members hope that Concord will significantly streamline operations, leading to cost savings of billions of dollars.

News Characteristics

Date : Aug 24, 2016
Region : North America
Industry : Banks
Function : Operations and IT
Sub-Function : IT Modernization/Transformation