Eris Plays Major Role in R3’s Latest Blockchain Test with 40 Global Banks

Eris Industries, a blockchain distributed applications developer, played a major role in R3’s experiment with forty banking giants.

The Eris Platform and tools were tested by all 40 banks on different blockchains, including a fully-permissionable ErisDB (eris:db) blockchain and a Go-Ethereum (geth) private blockchain.

In the experiment, Eris delivered a smart contract suite to demonstrate the automation of the issuance, trading, and redemption of commercial paper on a blockchain. The demonstrator, which relied on Eris’ upcoming Smart Contract Libraries product, was run and operated collaboratively and concurrently by 40 of the consortium’s 42 member institutions.

This R3 trial permitted Eris to demonstrate the interoperability of its distributed application platform with different blockchains, something that the startup’s founders sought to tackle “head-on from day one”.

Eris deals with the interoperability issue through an approach called API hooking. To demonstrate this, the experiment saw Eris’ prototype run on three different blockchains using two different blockchain designs, eris:db and geth. Participants were also given the opportunity to utilize the peer-to-peer hypermedia protocol IPFS.

Thus, Eris was able to showcase its platforms ability to work with completely different blockchain and distributed systems at the same time, including BigChainDB, Docker, IPFS and Tendermint.

Casey Kuhlman, Eris Industries’ CEO, said of the successful conclusion of the experiment:

“The Eris platform is designed to make it fast and easy for developers to create applications using any blockchain or other distributed systems. In this experiment our open-source tools successfully deployed suites of smart contracts on both a fully-permissionable ErisDB blockchain and an instance of a Go-Ethereum private blockchain. It was a pleasure working with R3 and we look forward to further experimentation.”

The news of Eris’ participation in R3’s banking blockchain trial follows two months of revelations of Eris forming partnerships with various financial, professional services, and technology firms.

In December, Eris became one of the first blockchain software platforms onboarded by Microsoft Azure’s cloud marketplace. Eris was also the first blockchain platform available on Amazon Web Services Marketplace. In February, PwC announced that it selected Eris as one of three firms, and the sole smart contract provider, in its blockchain solutions portfolio. Last week Softpedia gave Eris a five-star rating, a first for any blockchain software firm.