By Jemima Kelly
LONDON, Nov 19 (Reuters) - Five more banks have joined a
global consortium working on ways blockchain technology can be
used in financial markets, the firm leading the project said on
Thursday, as it brought in experts from the worlds of banking
and technology.
BNP Paribas BNPP.PA , Wells Fargo WFC , ING ING.AS ,
MacQuarie MQG.AX and the Canadian Imperial Bank of Commerce
CM.TO will join 25 other banks including JPMorgan (N:JPM) and Citi in
the initiative, led by New York-based financial tech firm R3.
Most of the world's biggest banks, with the exception of
Chinese lenders, have now signed up to the initiative. It
represents the first time banks have collaborated on how the
technology that underpins bitcoin, a controversial, web-based
"cryptocurrency", can be used in finance.
"The R3 collaborative model is the best way to quickly,
efficiently and cost effectively deliver these new technologies
to global financial markets," said New York-based R3's CEO David
Rutter, formerly CEO of electronic trading at ICAP (L:IAP), one of the
world's largest interdealer brokers.
The blockchain works as a huge, decentralised ledger of
every bitcoin transaction ever made, which is verified and
shared by a global network of computers and therefore is
virtually tamper-proof. The Bank of England has a team dedicated
to it and calls it a "key technological innovation".
The R3 project is led by IBM (N:IBM)'s former executive architect of
banking innovation, Richard Gendal Brown, and on Thursday the
firm announced it had brought in James Carlyle, who was
previously Barclays (L:BARC)' chief engineer for banking architecture.
R3 has also brought in bitcoin core developer Mike Hearn, as
well as fincancial cryptographer Ian Grigg and bitcoin expert
Tim Swanson.
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R3 blockchain group adds 5 banks, brings in technology heavyweights
Published 2015-11-19, 09:00 a/m
R3 blockchain group adds 5 banks, brings in technology heavyweights
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