A well-known blockchain company named R3 has initiated the testing of KYC app on its Corda blockchain network. This project has taken place to spread the ability of blockchain to ensure how securely programs can take place on the great scale.
This project has included thirty-nine distinct banks and branches from nineteen countries across the world. Let’s check out what the app all about is and what company is trying to demonstrate with its testing.
What Is Has to Offer?
KYC (Know Your Customer) compliance app which is built upon R3’s Corda blockchain network platform and currently talk of the town. The app is designed and developed to facilitate transactions among the bank which has issues, dispute, and mishaps for over 4 days. The functionality of the app displays how fine blockchain infrastructure can disrupt entrenched banking and other industries.
Offer New Transaction Platform
Charley Cooper, MD of R3 project has shared KYC is “requirements present a significant to financial institutions and the process is often complex, slow and time-consuming.” He also admitted that some companies initially wanted to be a part of the testing. However, preparation for the same had to be done from start.
Managing director of R3 strongly believes that the testing of KYC app has indicated the blockchain technology and its capabilities that allow organizations to handle and retain the power for their own identity.
It seems like the project is focused on doing transactions over blockchains in the new industry standard. The past KYC utilities need to be worked again from centralized to decentralized, from third-party data stores to manage your own data, from trustworthy to corrupt.
A Global Scale Project
The main aim to test the app is its utter scale as to mess up global banking industry; a blockchain industry must have global reach. The test has been successful and has given Cooper the claim to call R3, “a global company with over 180 professionals in 11 countries, supported by over 2,000 technology, financial and legal experts in our wider network, [which] gives us access to markets all over the world.”
According to the Cooper, the technology by itself cannot do enough to accomplish the aim of R3 re-engineering the infrastructure for global business. This is the reason, the company is concerned with and focusing on building a formidable blockchain infrastructure and emerging the working relationships that stem from tests. As per him, Corda is the highly collaborative blockchain platform right now which is emerged and developed for trades and industries. It contains more than 200 institutions across miscellaneous industries and territories worldwide.
Moving towards Augmentation
R3 has recently introduced Corda Enterprise, which is a commercial version of Corda. It came into the play to enhance performance to match the steps with the demands of modern day businesses. Big businesses and complex institutions can certainly utilize the Corda environment in the best of ways.
According to Charley Cooper, it will be easy for organizations to choose a version of Corda which can fulfill users’ requirement and needs regardless of their industry, size and stage of development.”
The Ultimate Goal
Charley Cooper, stated that; “This means a wider range of institutions can realize the full potential of blockchain [technology] – executing complex logic and exchange of assets directly, simply and in strict privacy, without the need for costly reconciliation or a trusted intermediary,”.
The aim of this commercialized version of the blockchain platform is to attract extensive use of distributed ledgers in general along with the added advantages for the company that legacy organization may accept they’re proposing to pick up their business styles.
Corda Blockchain Network focuses on interoperability which means organization is using trading between each other and at the same time the company can be on both the platforms across dissimilar divisions. The businesses can execute flexibly and immaculately by including all the business partners without any trapped assets and information. This tactic is implied with the aim to get effortlessness and effectiveness to users.
The Final Outcome:
Till now, it seems like Corda Blockchain Network’s R3’s model might turn out to be worth following. The project has exhibited a prominence on the practical sides of customer usability and business relationships. However, the blockchain technology has presented momentous feats without too much stress. Moreover, the project is yet to offer as per the expectations. According to the powers of R3, the project has a real potential for expansion in the future.