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Wall Street Blockchain Alliance and Blockchain Consortium R3 Come Together


The Wall Street Blockchain Alliance(WSBA) has now coupled with Blockchain Consortium R3(enterprise software firm) to develop innovative applications and solutions on their Corda blockchain platform according to a February 5th press release. In a statement by R3’s CEO David E. Rutter, the WSBA and R3 will collaborate for strategic approach with regulatory bodies will be targeted making it easy for the entire financial market to enjoy the benefits of Blockchain Technology.

Part of his statement is as follows:
“advocate a strategic approach to collaborating with regulatory bodies so that financial markets, and beyond can gain the full benefits of blockchain’s capabilities.”

The Wall Street Blockchain Alliance (WSBA) is an industry leading, 501(c)(6) non-profit trade association created for financial market professionals, by financial market professionals with a mission to advocate, guide and promote comprehensive adoption of blockchain technology and crypto assets across global markets.

R3 is an enterprise software firm which focuses on distributed database technology with over 300 partners, such as financial institutions, banks, trade associations, and fintech companies. The main aim of R3’s consortium is to develop Corda- an open-source distributed ledger platform, designed to work within finance to operate complex transactions and restrict access to transaction data.

R3 launched the Corda network in mid of January, and Corda Network Foundation controls its operations. WSBA is not the only one to join the R3, on January 30, financial company SBI Holdings also entered into a relationship with R3. The main aim of the partnership was to promote the use of Corda on the local level.

Towards the end of January, the global payment services provider, SWIFT, disclosed that it had plans in making a proof-of-concept gateway. This gateway would allow R3’s Corda to link to the SWIFT’s Global Payments Innovation from their platform. While SWIFT has taken an interest in the technology, the CEO of the company still believes that its too early to fully implement blockchain into the financial sector.

What are your thoughts on Wall Street Blockchain Alliance joining R3? Share your thoughts in the comment section below.