R3 and Corda

Brendan Burgess

Brendan Burgess

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Philip Kinlen of AIB spoke about this project at his presentation to the Hibernia Forum's seminar on the Blockchain (Although Corda denies that it is a blockchain.)

Conference 27 April 'Blockchain - a new frontier for freedom, tech and investment.'

AIB is the first Irish bank to join this project which appears to be a form of distributed ledger. They would be delighted if the other Irish banks would join in.

You can read more about it here: [broken link removed]

upload_2018-5-1_8-13-15.png


R3 has a distributed ledger, but it also involves an R3 Notary would would verify transactions.

R3 would be useful in the following areas:
  • Trade Finance
  • Tracking collateral
  • Knowing your customer
  • Syndicated Loans.

Brendan
 
o_O R3 has been a shamble since creation. Shall i name the banks that abandoned it, I'll try to remember only the big ones, let me see:
1) JP Morgan Chase (largest bank in the world)
2) Goldman Sachs
3) Santander
I'll stop here but there are at least another few but if you are curious -https://news.bitcoin.com/corda-blasted-r3-fail-funding-goals/

Also R3 started as a blockchain but it is NOT a blockchain initiative anymore.
PROOF: Admission of R3 chairman that they don't work on blockchain anymore
 
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Gus1970 said:
I CANNOT BELIEVE that a blockchain expert from AIB joined R3 and he thinks that he is doing blockchain work.
Click to expand...

Hi Gus

This again is due to your incorrect reading of it. Philip described it as a distributed ledger and not a blockchain.

Brendan
 
BTW, a good few of the banks that are displayed in the slide are NOT in R3 any longer.
I see J.P. Morgan, Santander, Goldman Sachs that have left, I wonder why the speaker used a misleading slide, can you ask him Brendan?
 
“Distributed ledger technology” and Blockchain are often used interchangeably. Blockchain is a sub-heading of DLT.

Yeah R3 and Corda do not have a great rep from my reading. They had no product and seemed like a go-nowhere exercise and they are now in court with Ripple. They’re a talk shop basically.

Ripple has made more headway with banks and money transfer companies are trialling their crypto, XRP.
 
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An article in Fortune this week says R3 is not in a good state and is running out of money. Can't link to it but you can Google it.
 
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