Banco De La República Tests R3’s Corda

Announcements, FinTech, Group, Regulation | August 30, 2017 By:

Banco de la República has signed an agreement with blockchain consortium R3 to test Corda, an open-source distributed ledger for financial technology.

Banco de la República, the state-run central bank of the Republic of Colombia, becomes the first Latin American central bank to accept R3’s invitation to evaluate the benefits of blockchain technology. The R3 blockchain consortium counts over 85 of the world’s leading financial institutions among its members. It is in the vanguard of research and development of blockchain-inspired distributed ledger technologies (DLT), aiming to build the next generation of financial services infrastructure.

Fabio M. Pinzón, technology director at Banco de la República, said that the emergence of blockchain as a mechanism to have decentralized, secure, and synchronized databases has promoted the emergence of platforms such as Corda from R3.

“It is in our interest to evaluate the benefits of this technology for the safe and efficient management of the exchange of securities in the Colombian financial system,” said Pinzón.

R3 CEO David Rutter stated that since launching the company, they have made engagement with regulators and central banks a top priority. He added that a collaborative public-private working model is crucial to speeding up the deployment of enterprise DLT platforms such as Corda.