The Wall Street Blockchain Alliance (WSBA) has announced its partnership with enterprise software firm R3 to help promote the adoption of its blockchain initiatives, including the Corda platform.
David E. Rutter, CEO of R3, stated: “The Wall Street Blockchain Alliance and R3 will work together to accelerate widespread adoption across an innovative community of financial services professionals.”
The WSBA is an industry leading non-profit trade association. Its aim is to “advocate, guide, and promote comprehensive adoption of blockchain technology and cryptoassets.”
Its union with R3 sees it join a global network of more than 300 of the world’s largest financial firms.
R3 is an enterprise blockchain software firm. It has a broad ecosystem encompassing members and partners from multiple industries, including those from both the pubic and private sectors.
It has a global team of over 180 professionals in 13 countries and is supported by over 2,000 technology, financial, and legal experts.
The R3 initiative is currently developing its open source blockchain platform Corda.
The Corda platform is already being utilised in industries including financial services, healthcare, shipping, insurance, and more. The platform records, manages, and executes institutions’ financial agreements.
The Corda blockchain enables smooth business transactions by granting institutions the ability to transact directly with the use of smart contracts.
R3’s Corda platform alongside Corda Enterprise – a commercial distribution of Corda – is the foundation of a “vibrant ecosystem of interoperable interactions.”
The applications have been built by partners of R3 to harness the power of blockchain to overcome “the specific challenges faced by our customers.”
The CEO of the WSBA, Ron Quaranta, stated: “We are pleased to partner with R3 and introduce our trade association to the wide range of use cases that Corda enables throughout global financial services.
“We are certain that our members will benefit from our close collaboration with this leading body.”