Corda Platform Developed for Financial Market Standard

R3 Consortium has developed the Corda – a platform which represents a combined effort between banks, insurers, fund managers and other to develop blockchain technology for use in the financial markets. R3 says it hopes its platform will become the industry standard, although its intention is for firms to build products on top of it.

Banks are aiming to take advantage of the increased speed, efficiency and transparency that the technology offers. As a result there is a push to build products using the technology that will generate new revenue, with dozens of patent applications filed for blockchain-based products by Wall Street’s top lenders.

 

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