R3 blockchain research project will be presented to the public within 12 months

R3 head of market research Tim Swanson said that the results of the London team’s research in distributed ledger will be presented to the public in the next 12 months.

Swanson, who joined R3 full-time this year, said the biggest challenge working with banks in a blockchain project is to meet expectations and build a working platform as quickly as possible.

“Many banks feel they can reduce, or eliminate altogether, various costs, by adopting some sort of common shared ledger and let that proliferate through the industry,”said Swanson.

The R3 initiative aims to develop common standards and applications of the blockchain technology for the international fintech community. The total number of financial institutions partnering with R3 reached 30, including Barclays, Bank of America, Credit Suisse, Deutsche Bank, HSBC, Commerzbank and others.