China’s Policy and Standardization Think Tank, CAICT joins the R3 Consortium

R3’s Corda blockchain platform may have secured its biggest vote of confidence yet, thanks to the China Academy of Information and Communications Technology. Announcing the massive development, the distributed ledger technology company welcomed CAICT to its global network. It said that they expect it to share the best practices on Blockchain technology while using the platform to come up with proper solutions.

We are proud to announce our latest APAC #regulatory partnership with The China Academy of Information and Communications Technology (CAICT). They will be part of R3’s expansive network to develop the best practices for #blockchain technology.

Read more: https://t.co/C7LGS0V1t8 pic.twitter.com/5fqIyJxIoc

— R3 (@inside_r3) April 16, 2019

CAICT isn’t a mere organization in China. Being under the country’s Ministry of Industry and Information Technology (MIIT), the research facility is an important cog in the wheel of Chinese technological inventions. It normally offers immense backing to the ministry, especially on things to do with plans, strategies, standards, policies and all-things testing and certifying products.

It isn’t a surprise to see this reputable institution, therefore, teaming up with this New York-headquartered enterprise blockchain software firm. And it effectively joins a consortium of over 300 other firms that form the R3.

R3 is a growing global chain of perhaps the planet’s largest companies in the financial industry. It consists of various tech companies, central banks, remarkable regulators and trade unions, all drawn from all over the world. The whole list has been engaging in a common purpose of building a Blockchain platform known as Corda.

The entry of CAICT has now boosted the reputation of Corda further. It has undoubtedly shown why the consortium’s growing network is eager to see the Blockchain technology at the heart of the conventional regulatory frameworks. R3 ideally would want to see its partners and regulators embrace it.

What Is Corda

It is an open-source business-grade Blockchain-powered platform designed to enhance privacy and security and eliminate normal costly frictions in business transactions. The platform is tailored to allow direct dealings between institutions, all by smart contracts.

Some of the companies likeliest to use the platform once it goes live include those in the banking, insurance, healthcare, and shipping industries. Already, R3 has released Corda Enterprise, a business version of it, and which it would suitably sort the needs of huge companies.

CAICT And Trusted Blockchain Heads Had Their Say

According to Kai Wei, CAICT’s head of Big Data and Blockchain, the collaboration would bear a “cooperative partnership,” especially at a time when acceptance of Blockchain is growing in China. He says that CAICT’s role as the country’s policy and standardization think tank is good for the consortium’s quest to see Blockchain use in various industries. To him, the collaboration is a new era for both parties.

On his part, the consortium’s CEO, David E. Rutter, was upbeat of the partnership. He said that this collaboration is a clear proof of how mature and powerful R3 is. The fact that it has Trusted Blockchain Initiatives (TBI), according to him, will help in seeing various projects on this technology get finished. The Trusted Blockchain Initiatives is a 307-member international group led by the CAICT. And that would have helped R3 to realize its objectives of seeing the Blockchain technology get utilized in several industries.