Connect with us

To The Moon

Thomson Reuters and R3 Partner to use Blockchain Technology

News

Thomson Reuters and R3 Partner to use Blockchain Technology

Blockchain technology functions the virtual currency bitcoin, allowing data sharing across a network of individual mainframes. It has increased worldwide acceptance due to its perceived efficiency in recording and keeping track of assets across practically all businesses.  Thomson Reuters will be the first major data and technology provider to unite with R3, the consortium of more than 55 financial institutions.  Last year, New York-based fintech company R3 developed the consortium.  Thomson Reuters is the parent company of Reuters News.

Noting that Thomson Reuters is particularly interested in exploring blockchain in its trade finance business, which lacks data standards, as well as in foreign exchange clearing and settlement.  Thomson Reuters runs currency trading platforms FXall and Thomson Reuters Matching. The total average daily volume of foreign exchange trading across Thomson Reuters platforms totaled $394 billion in June.  There’s linkage between cash and FX swaps and futures, but it’s very imprecise right now, If we have data standards and distributed ledgers, you could eliminate a tremendous amount of capital reserves and risk capital that get used up in this process right now.

Thomson Reuters has been working on blockchain initiatives for more than a year. It has blockhain labs in both London and New York.  Thomson Reuters blockchain work is not confined to the financial sector. The company is looking at blockchain applications for its legal and tax business.

 

Continue Reading
You may also like...

Comments

More in News

To Top