Blockchain technology keeps expanding, this time with the R3 consortium. 39 financial firms that have partnered with R3 have completed more than 300 transactions using R3’s know your customer (KYC) application. The information has been released in a blog post on June the 28th by the consortium.
Among the participants of the R3 KYC project we find institutions such as Deutsche Bank, ING, the National Bank of Egypt, Raiffeisen Bank International, and many more. For example, regulators and Central Banks were also able to participate, including the Central Bank of Colombia, the Federal Reserve Bank of Boston, and the Financial Superintendence of Colombia.
All the transactions took place in eight different time zones and 19 countries. Banks were able to request access to KYC data, and clients could decline or accept it. It is important to mention that the participants were able to ran over 45 nodes on Microsoft Azure. Additionally, they were sharing data using the Corda network via CorDapp.
According to R3’s CEO, DAvid E. Rutter, the goal of the KYC application is to speed up and facilitate the time consuming and confusing process of verifying customers’ IDs. At the same time, he mentioned that there is an increased demand for blockchain-based KYC solutions.
For York Rhodes, principal Program Manager of Azure Blockchain Engineering, the initiative aims to combine technology and industry expertise so as to facilitate the developing process of different blockchain project on the banking sector.
R3 is a consortium of important financial institutions that builds blockchain technology in order to transform the way in which the world does business. One of the main purposes is to change the world of finance by implementing technology platforms that solve inefficiencies, risks and spiraling costs.
Different banks and institutions around the world are embracing the latest blockchain technologies with the purpose of improve their services and products.