SIA, R3 Partner to Accelerate Blockchain Apps Adoption

Announcements, Blockchain, Innovation | November 7, 2017 By:

SIA, an Italian company operating in the information and communications technology space, has teamed with enterprise software firm R3 to speed up the global development and adoption of blockchain applications.

Founded in 1977 by Banca d’Italia, ABI, and a pool of Italian banks, SIA provides solutions and technologies to the banking and finance sector in addition to platforms for financial markets and e-payment services.

Under the partnership, SIA will create a secure and protected network called SIAchain, which is expected to have around 600 nodes on launch. SIAchain will be integrated with R3’s Corda platform to enable SIA customers to run CordDapps – applications designed specifically for institutions across the banking and finance sector. The first CorDapps on SIAchain will be available next year.

The goal of the partnership is to allow the use of CorDapps through the SIAchain infrastructure, which guarantees their full availability and use, ensuring a standardized operating context to registered members of specific communities.

SIA CEO Massimo Arrighetti said that the collaboration with the R3 consortium is a milestone in the company’s blockchain strategy.

“We will integrate on SIAchain, which rests on roughly 600 nodes of the SIAnet network throughout Europe, the most advanced technologies available. and we will develop innovative applications for financial institutions, corporates and the public sector,” said Arrighetti.

R3 CEO David E. Rutter said the company designed Corda as an open source platform specifically to encourage partnerships such as this.

“Working with our partners, we are growing a diverse ecosystem of interoperable applications on the platform, each providing a unique solution to the challenges faced by financial market participants,” said Rutter. “In addition, leveraging connectivity to existing networks such as SIA’s helps speed up adoption and implementation of DLT across global financial markets.”