Companies such as R3 are leveraging blockchain technology in the finance industry. Its latest trial seemingly resulted in completing the largest open-account finance trial on the Corda platform.
It has been a while since R3’s Corda platform generated any real headlines.
R3 and Corda Complete a Major Trial
Despite that aspect, a lot of development has gone on behind the scenes.
The company has also been working on a new trial to test its Corda platform.
This latest trial included several dozen organizations across 25 countries.
During the test, the team looked at working capital applications provided by TradeIX.
During the transaction, a large amount of receive finance products received the spotlight.
Similar to other blockchain ventures, this trial highlighted the efficiency of the connected parties while decreasing overall costs.
Several hundred funding requests were completed without any issues and a limited amount of user training.
Creating real-time settlements in trading behavior is done through the Marco Polo platform.
That venture is co-founded by both TradeIX and R3.
By conducting this successful trial, the Corda blockchain has proven to be incredibly resilient.
It also validates the attention R3 has received across different sectors in recent years.
The blockchain solution is open to all kinds of sectors, including logistics, real estate, and automotive.
Even so, it remains primarily of interest to banks and other financial services providers at this stage.
Image(s): Shutterstock.com
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