R3’s global team of over 180 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base. R3 is backed by investment of over $120 million from more than 45 firms.
Persistent Systems and R3 will team up to work together in the area of blockchain technology. R3 is one of the biggest enterprise blockchain software firms. Persistent and R3 have collaborated as a technology partner for Her Majesty’s Land Registry of United Kingdom.
R3 has created Corda, a blockchain platform, that is designed specifically for businesses and is already being used in industries from financial services to healthcare, shipping, insurance and others worldwide. Persistent has been working on used cases in blockchain technology in the financial sector and one of their longest running engagements just went live in the US.
Persistent has been using the Corda platform and has the expertise while R3 was looking for partners that can scale the solutions so we are a natural fit for going to market which brought both partners together, said Pandurang Kamat, chief technologist & associate CTO, Persistent Systems.
Kamat leads a team of blockchain experts building innovative decentralised solutions using blockchain technology and said they would take R3 to some of their customers in the fintech as well as government space and they would take us as a preferred partner, Kamat said.
“We have been working in the financial sector, healthcare, mortgage, land registry and built IP in the blockchain space,” he added.
“We are currently executing a joint project in the UK for Her Majesty’s land registry project where they are looking at using blockchain technology to make the process of buying, selling and conveyancing property faster and cheaper,” Kamat said.
It is currently a very fragmented system involving multiple agencies and the process takes time so they wanted all parties to work together, streamline the system and make it more transparent. We are broadening the reach of Corda into other sectors with these kind of projects, he added.
R3’s Corda platform enables major consortiums in insurance and trade finance, among others. R3 and Persistent will bring together the expertise to enable blockchain solutions in helping customers’ digital transformation journey, he said.
The company had earlier partnered with Infosys Finacle to bring blockchain solutions on Corda for banks to easily access and deploy Finacle’s blockchain solutions on Corda, R3’s open-source blockchain platform. Infosys Finacle is part of EdgeVerve Systems, a fully-owned product subsidiary of Infosys.
This partnership would enable banks to easily access and deploy Finacle’s blockchain solutions on Corda, R3’s open-source blockchain platform. Finacle will initially have two solutions available on the Corda platform — Finacle Trade Connect and Finacle Payments Connect.
R3 is an enterprise blockchain software firm working across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage. R3’s global team of over 180 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base. R3 is backed by investment of over $120 million from more than 45 firms.