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Synchrony Financial to Join R3 Blockchain Consortium

Financial innovation firm R3 has announced the addition of Synchrony Financial to its partnership dedicated to designing and applying distributed and shared ledger-inspired technologies to global financial markets. Synchrony Financial – the first credit card company to join the consortium – will be collaborating with the world’s largest financial institutions to develop ground-breaking commercial applications for the financial services industry that leverage the appropriate elements of distributed and shared ledger technology.

The R3 team of financial industry veterans, technologists and blockchain and cryptocurrency experts collaborate with consortium members on research, experimentation, design, and engineering to help advance this technology to meet banking requirements for identity, privacy, security, scalability, interoperability and integration with legacy systems. Consortium members work closely with R3 to develop Corda and a diverse range of commercial products for the financial markets participants. Corda is R3’s shared ledger platform specifically designed to record, manage and synchronize financial agreements between regulated financial institutions. It is heavily inspired by and captures the benefits of blockchain systems, without the design choices that make Blockchains inappropriate for many banking scenarios.

News Characteristics

Date : Oct 24, 2016
Region : Europe
Industry : Banks
Function : Operations and IT
Sub-Function : IT Modernization/Transformation