Connect with us

To The Moon

R3 and Major Banks Test Blockchain Mobilized By Intel


R3 and Major Banks Test Blockchain Mobilized By Intel

R3, U.S.-based financial innovation start-up  announced that eight banks, including HSBC and State Street, have successfully tested a blockchain platform powered by Intel Corp technology for bond transactions.  The program featured advanced smart contract technology that enabled trading, matching, and settlement of U.S. Treasury bonds, as well as automated coupon payments and redemption, R3 said in a statement.  Blockchain technology powers the digital currency bitcoin, enabling data sharing across a network of individual computers. It has gained worldwide popularity due to its perceived usefulness in recording and keeping track of assets across practically all businesses.

Tim Grant, chief executive officer of R3’s Lab and Research Center” our goal at R3 is to bring our members together with the strongest technology players and work collaboratively to evaluate and accelerate this technology to production using real-world use cases”.  The R3 consortium members involved in U.S. Treasury debt project included CIBC, ING Bank, HSBC, Scotiabank, Societe Generale, State Street, UBS and UniCredit.  R3 and its consortium members built and used an implementation of Sawtooth Lake, Intel’s proprietary distributed ledger platform, along with Intel’s Software Guard Extensions (SGX), a technology that enables developers to protect select code and data from disclosure or modification. 

The trial was carried out in R3’s lab environment, the R3 Lab and Research Centre, which has quickly become a centre of gravity for collaborative research and testing of distributed and shared-ledger inspired technologies. R3, Intel and each of the banks used physical, non-cloud-based nodes hosted globally across the US, Canada, Asia, Australia and Europe to interact and simulate US treasury trading on the ledger.

Continue Reading


More in News

To Top