Home Blockchain XinFin Signs On To R3 Corda For Enterprise Blockchain Apps

XinFin Signs On To R3 Corda For Enterprise Blockchain Apps

Enterprise blockchain platform XinFin is joining the R3 consortium, with the R3 Corda marketplace hosting several XinFin apps for business users, the companies said in a press release Friday (Feb. 8).

The blockchain-powered XinFin applications include invoice financing, trade finance, real-time remittance, digital asset management and apps with other functionality. Financial institutions that use the R3 Corda blockchain platform can gain access to and integrate these apps.

XinFin also noted that its developer community will bridge the Corda private network to XinFin’s public network to support a hybrid, public-private blockchain ecosystem. XinFin’s public eXchange inFinite public network has integrated Know Your Customer and Anti-Money Laundering capabilities designed to maintain security while transacting assets like trade finance instruments and bonds, the announcement noted.

In 2017 XinFin announced that it aimed to standardize enterprise blockchains by adding the XdC01 protocol, which allows firms to “keep their financial transactions private but still verifiable by an immutable record on the public state of blockchain,” XinFin Chief Technology Officer Karan Bharadwaj said in a statement at the time.

XinFin also said in that announcement it would integrate its hybrid blockchain technology into an array of enterprise apps through collaborations with various partners with a focus on “business process re-engineering, supply chain, financing, procurement and settlement.”

R3’s collaboration with XinFin follows last month’s announcement that ING Bank reached an agreement with R3 that allows the financial institution to access an unlimited number of licenses from the Corda Enterprise platform, and to deploy those apps across its own back-office systems. ING said that it would target trade finance, insurance, identity management and other back-office apps.

“Our longstanding joint journey with R3 has proven that this is the most mature [distributed ledger technology] solution to serve the needs of the financial service industry,” said ING Head of Innovation for Wholesale Banking Annerie Vreugdenhil in a statement last month.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

Ethereum’s Long Term Chart Is Extremely Simple To Read

The weekly Ethereum chart, as opposed to the daily chart, is simple and concise. There are 2 simple...

US Department of Transportation Says Blockchain Has Many Applications For Unmanned Aircraft Systems (Drones)

Blockchain technology could assist with adjusting and improving current technical challenges in the expanding business of commercial drone delivery, said the US...

Security tokens, blockchain settlement draw interest from institutions: MIT Bitcoin Expo panel

Amid growing competition between providers, institutions in the traditional finance space are looking at blockchain as another way to offer value to...

Networking 2.0 at Blockchain Life 2020

Make hundreds of connections at Blockchain Life 2020 The 5th Blockchain Life 2020 returns to Moscow on April 22-23 at the unique media...

Irish drug dealer loses $57M bitcoin fortune after losing access codes

Irish Bitcoin drug dealer Clifton Collins, who has forfeited digital assets worth $57 million, has continued his trial...