Thomson Reuters has joined financial innovation firm R3 to design and apply distributed and shared ledger-inspired technologies.
As the first market data provider to join the consortium, Thomson Reuters will contribute insights from its work with customers to drive product innovation and transformation in the financial sector using distributed ledger technologies. The firm joins the global network of R3 partners united in its lab environment, the R3 Lab and Research Centre, which has quickly become a key centre for research and testing.
The R3 team of financial industry veterans, technologists and blockchain and cryptocurrency experts are already working with consortium members on research, experimentation, design and engineering to help advance this technology to meet banking requirements for identity, privacy, security, scalability, interoperability and integration with legacy systems.
R3 recently unveiled Corda™, its shared ledger platform specifically designed to record, manage and synchronise financial agreements between regulated financial institutions. It is heavily inspired by and captures the benefits of blockchain systems, without the design choices that make blockchains inappropriate for many banking scenarios.