Thomson Reuters Added to R3 Consortium
The R3 consortium has grown further with the inclusion of Thomson Reuters, which has joined the financial innovation firm partnership to promote and develop distributed leger technologies to global financial markets. The R3 team collaborates 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.
It is expected that Thomson Reuters will provide information for product innovation and transformation in the financial sector using blockchain-like technologies and demonstrates Thomson Reuter’s commitment to the emerging technology and to innovation. Thomson Reuters has operated in more than 100 countries for over a century and thus can deliver a wide range of customer perspectives to R3’s collaborative research.
R3 recently unveiled Corda™, its shared ledger platform specifically designed to record, manage and synchronise financial agreements between regulated financial institutions. It is heavily inspired by and somewhat emulates blockchain systems, with changes designed to make it more attractive to banking scenarios.
Mark Rodrigues, Managing Director of Strategic Customers & Solutions at Thomson Reuters, commented: “Thomson Reuters has been collaborating with customers on blockchain and distributed ledger initiatives and powerful proof-of-concept projects for some time now. The opportunities afforded by this emerging technology are enormously exciting for us and for our customers, and our goal with R3 is to collaborate together with the consortium and our customers in these key industry discussions as we shape the future of financial transactions.”
CEO of R3, David Rutter said: “Our network of members continues to grow and diversify at a rapid rate, and the addition of a major market data and technology provider is another significant milestone for R3. Distributed and shared ledger-based solutions hold the potential to transform the technology used by financial market participants to execute trades and access market data, and Thomson Reuters’ insight and expertise in this field will be an invaluable asset in our collaborative lab environment.”