R3 brings 11 global banks together on a cloud based distributed ledger

FinTech | January 21, 2016 By:

R3 announced the completion of a distributed ledger experiment where 11 of the world’s largest financial institutions participated in the simulation of exchanging trades and value on an R3-managed distributed ledger.

R3 and consortium member banks Barclays, BMO Financial Group, Credit Suisse, Commonwealth Bank of Australia, HSBC, Natixis, Royal Bank of Scotland, TD Bank, UBS, UniCredit and Wells Fargo each connected on an R3-managed private peer-to-peer distributed ledger, underpinned by Ethereum technology and hosted on a virtual private network in Microsoft Azure, the public cloud platform offering Blockchain as a Service (BaaS) in an accelerated development environment.

The experiment spanned banks in Asia, Europe, North America and Australia. The experiment signals a milestone in banking finance and trade where settlements were successfully achieved without the need for a third-party clearing or settlement house.

The test ran continuously 24 hours a day, for five days between January 11 and January 15 among banks in four continents.

R3 is a New York City-based financial platform.