The R3 Consortium for Blockchain technology has a new member after Toyota Financial Services announced its decision to join the group. With its inclusion into the consortium, Toyota Financial Services will be working on the implementation of distributed ledger technology into its global automotive financial services.
Toyota Financial Services will be working alongside over 50 leading financial institutions from across the world as part of the consortium to create blockchain-based applications for various banking and financial operations. Most of the applications are likely to be based on the Corda distributed financial ledger, custom developed by R3CEV to be used by the consortium.
The R3 consortium was created with the intention of implementing Bitcoin’s underlying blockchain technology into the mainstream banking and financial services. It was intended to counter the rise of bitcoin as an alternative financial system, driven by its various advantages over traditional financial services when it comes to the speed and ease of transaction.
In a statement, the CFO and Global Chief Officer of Toyota Financial Services Chris Ballinger was quoted saying,
“Toyota Financial Services is excited to join the R3CEV consortium to advance the use of distributed ledger technology in finance. We believe this technology will ultimately lower costs, increase efficiency and make auto finance more transparent for our customers… Beyond finance, we believe additional applications of the technology in auto manufacturing and sales will benefit our customers by making mobility more affordable and available. TFS welcomes the opportunity to contribute to the development and advancement of the R3 ecosystem.”
Day by the day, the R3 consortium grows with the addition of new players into the fold. With more institutions joining in, the consortium will be able to develop and deploy the distributed ledger solutions faster across different sectors.