Tieto Partners R3 to Accelerate Adoption of Decentralized Business Networks
Tieto has announced that it is partnering with R3, an enterprise blockchain software firm, to accelerate the adoption of next-generation decentralized business networks built on Corda, R3’s open source blockchain platform.
Tieto is a leading Nordic software and services company. As an R3 partner, Tieto will use Corda in various ecosystem projects within financial services, public sector, supply chain, and more.
Earlier in 2018, Tieto, in co-operation with its customers, created the world’s first decentralized business network that enables the full digital establishment of limited liability companies. This project combined for the first time two major blockchain platforms as a practical implementation.
Corda is a blockchain platform that removes costly friction in business transactions by enabling organizations to transact directly using smart contracts while ensuring the highest levels of privacy and security. By partnering with R3, Tieto ensures that its customers are in the forefront of adopting this technology and can benefit from the disruptive new business opportunities that it provides.
Corda’s process and contract-centric architecture formed the backbone of the network between the different actors, while Hyperledger Indy – the basis for the global Sovrin identity network – provided a decentralized identity platform for exchanging verifiable data.
Speaking about the partnership, Markus Hautala, Head of Blockchain Solutions at Tieto said that by combining both Corda and Hyperledger Indy, Tieto now has the ability to build highly scalable global business networks to serve vast numbers of industry use cases involving record keeping, asset trading, multi-party process management, and decentralized contract signing.
He adds that through partnering with R3, Tieto is continuing on its mission to build smart societies where transactions between parties are trusted, fully digital and automated.
Earlier in the year, Tieto partnered with Evernym – also an R3 partner – to provide services based on Sovrin network. By partnering with R3, Tieto strengthens its unique capability to provide decentralized enterprise applications to its customers.
On their part, David E. Rutter, CEO at R3 said decentralized business networks are the future of transaction technology and Corda’s unique design enables interoperability between these networks, avoiding the stranded assets and silos of the past. He adds that Corda looks forward to working with Tieto on projects across a range of sectors and continuing to drive widespread adoption of blockchain.