Blockchain Firm R3 Teams With Nordic IT Firm Tieto

Announcements, Blockchain, News | September 11, 2018 By:

Nordic software and services firm Tieto has teamed with blockchain software firm R3 to accelerate the adoption of next generation decentralized business networks built on blockchain platform Corda.

Founded in 1968 in Helsinki, Finland, Tieto is one of the largest IT service providers in Europe, with approximately 13,000 employees in more than 20 countries. Specific expertise areas offered to customer services are within banking and insurance, telecom, automotive and media, healthcare and welfare, forest, energy, manufacturing, retail and logistics, and ICT operation management.

R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 200 members and partners across multiple industries from both the private and public sectors to develop on Corda, which records, manages and executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce. Corda is already being used in industries from financial services to healthcare, shipping, insurance and more.

As part of the partnership, R3 will allow Tieto to use Corda in various ecosystem projects within financial services, public sector, and supply chain, among others. The partnership will enable Tieto to ensure that its customers are in the forefront in adopting this technology and can benefit from the disruptive new business opportunities that it provides.

Earlier this year, Tieto developed a decentralized business network that enables the full digital establishment of limited liability companies. Hyperledger Indy, a distributed ledger originally developed by Evernym and was donated to the Sovrin Foundation, provided a decentralized identity platform for exchanging verifiable data. While Corda’s process and contract-centric architecture formed the backbone of the network between the different actors.

“By combining both Corda and Hyperledger Indy, we now have 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,” said Markus Hautala, Head of Blockchain Solutions at Tieto. “Through partnering with R3, we’re continuing on our mission to build smart societies where transactions between parties are trusted, fully digital and automated.”

“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,” said David E. Rutter, CEO at R3. “We look forward to working with Tieto on projects across a range of sectors and continuing to drive widespread adoption of blockchain.”