Illinois Watchdog Joins R3 Consortium

The Illinois Department of Financial and Professional Regulation (IDFPR) has joined the R3-led blockchain consortium, a global conglomerate of banks and partners aimed at blockchain-related research. It is the first US regulator to join the group.

The IDFPR will be collaborating with over 80 of the world’s largest financial institutions to develop secure and scalable blockchain-based applications for the financial services industry.

“As Illinois’ financial regulator, we are committed to embracing the potential that distributed ledger technologies bring to our financial institutions,” said IDFPR secretary Bryan Schneider. “Its potential to dramatically lower transactional costs, automate manual processes, and reduce opportunities for fraud and risk are truly promising. Through our collaboration with R3, we look to provide the support necessary to ensure the commercial and social viability of this emerging technology.”

“Regulators that foster and encourage adoption of innovative financial technology in its early stages play a crucial role in creating a safer, more efficient financial system for all participants,” said R3 CEO David Rutter. “We have actively engaged with regulators, trade associations and government entities across the world since R3’s inception, and look forward to working with the State of Illinois to explore how distributed ledger technology can benefit banks and other businesses in the state.”