At IndianWeb2, we try our very best to keep you updated with the ever-growing world of Blockchain technology, and here’s the latest on the same. R3 CEV, the financial technology firm led by former ICAP electronic broking CEO David Rutter, is the latest to make its Blockchain, which is a kind of distributed ledger that has the potential to completely revamp the banks’ back offices with modernised software, open to all. A while back, we had reported about how the New York based firm was considering doing the same.
A number of Wall Street majors and startups have been for a long time looking to build products that will have the capability of replacing, or maybe even supplement, the current financial infrastructure in place. People who are pitching for the technology, which is the fundamental innovation underpinning cryptocurrencies like the Bitcoin, say that it streamlines settlements as well as the execution of certain legal contracts, thus making the business processes more secure, less prone to error, and quicker than ever.
In an effort to attract the attention of adherents to its this highly impressive concoction, R3 CEV decided to post the source of its distributed ledger prototype, Corda, on the code-sharing website Github. In addition to this, the company has also come up with a website, Corda.net, where all the supplementary materials for developers and enthusiasts can be easily found and accessed.
Speaking to Forbes about the company’s move to open source its Blockchain, Richard Brown, R3’s chief technology officer said, the main intention of the company in taking this step is to encourage other people in the community to contribute to it, to build on top of it, to drive its design and adoption. He also said that he is quite hopeful that a lot of people will be downloading it and making a substantial use of it.
The more the number of people employing R3’s tech, the more valuable it keeps on becoming. It could end up being a classic network effect case.
Starting its journey just two years ago, R3 has had quite an amazing journey till now, and has managed to draw more than 70 of the world’s bestest financial companies into its circle, including great names like Bank of America, Barclays, and J.P. Morgan Chase. Corda is almost similar to a crowing victory for the
founded two years ago, has drawn more than 70 financial firms into its orbit, including heavy hitters such as J.P. Morgan Chase jpm , Barclays bcs , and Bank of America bac . Corda is the crowning achievement of the consortium’s collaboration till date.
From now onwards, Corda will be available globally to all and not just to the members of the consortium.
Despite a great run, R3 is currently facing a number of critical departures from its team, who are leaving the group so as to focus on their blockchain dreams and efforts somewhere else.
R3 has joined hands with the Hyperledger Project, which is an arm of the Linux Foundation, a non-profit organization that works towards promoting the open source Linux OS.
R3 is not the only one which has open sourced its software to the world. October saw Chain, one of R3’s main rival, releasing an open source version of its much talked about Chain Core blockchain software, thus allowing everyone to extend a hand in contributing improvements to its code and applications on top of its network. A number of other firms like Digital Asset Holding, Ripple etc. have open sourced parts of their codebases as well.