US-based, Big Three management consulting firm Bain & Company has partnered with several leading finance and technology brands to launch a new blockchain platform called Voltron.
It says that the Voltron platform has been designed to help banks leverage commercially viable blockchain solutions that benefit their customers. The launch is also aimed at increasing the security of transactions and make transacting letters of credit intent more efficient.
Voltron is described as an open platform for documentary trade, targeting production on R3’s Corda Enterprise blockchain platform.
It will also allow corporate customers to connect with their banks and trading partners via a single, simplified channel, for both issuances of letters of credit and presentation and exchange of documents across an open network.
Bangkok Bank, BNP Paribas, CTBC Holding, HSBC, ING, NatWest, SEB, Standard Chartered and CryptoBLK are partners in the development of Voltron.
Leveraging the Corda Network
“It is critical for banks and corporates to have the option to work with the technology partner of their choice, as this lowers barriers to adoption and helps drive widespread deployment of Voltron via our partners,” says David Rutter, CEO of R3.
“In addition, our focus on industry collaboration and open networks uniquely position Voltron to scale by leveraging the Corda network to ensure interoperability with other global trade initiatives and other networks including supply chain, cash, insurance and identity.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.