R3 Corda Ecosystem Welcomes Qatar’s Commercial Bank To Expand Blockchain Use Cases
Corda Ecosystem Welcomes Qatar’s Commercial Bank To Expand Blockchain
The R3 Corda network is comprised of multiple institutions, and it provides a space where corporations can perform transactions privately. The system is considered agnostic, in that corporations have the freedom to choose whichever digital asset they need. In a recent announcement, it was revealed that Commercial Bank became the first in Qatar to join the ecosystem.
On the new development, Chief Information Technology officer of Commercial Bank, Robin Marshal, said that they already understand the potential of blockchain technology in the banking system. However, they have not fully delved into what the blockchain offers to Commercial Bank specifically. Much of the purpose of joining the network has to do with improving the experience of customers at their own bank while reducing friction and cutting back on fees.
CEO of R3, David Rutter, sees the addition of Commercial Bank as “a great opportunity” that will expose the ecosystem to “fresh perspectives.” They will be collaborating with future projects, though the main goal has and will continue to be pushing for the full potential of Corda’s platform.
R3 presently has over 300 partners around the world, appealing to them with fast and secure payment methods on the Corda Network. Considering that the Corda Foundation is independent of R3, they still plan to work on their own widespread adoption. Corda’s official website states that they are partnered with nearly 250 organizations around the world, like Citibank, Capgemini, Intel, and Amazon Web Services (AWS).
Upon the release of this news on social media, one user suggested that banks could ultimately choose to settle their payments from the Corda network in XRP instead of fiat, considering that Corda specifically supports the Ripple-based token.