Thomson Reuters Corporation, the multinational news media and information company has become the latest company to join the R3 Blockchain Consortium. Thomson Reuters is now among the likes of major banking and financial firms and IT companies from across the world, who are also part of it.
The Blockchain technology is not new for Thomson Reuters. The company has been involved in distributed ledger related projects in collaboration with its customers.
In a press statement, the Managing Director of Strategic Customers and Solutions at Thomson Reuters, Mark Rodrigues says,
“The opportunities afforded by this emerging technology are enormously exciting for us and for our customers… Our goal with R3 is to collaborate together with the consortium and our customers in these key industry discussions as we shape the future of financial transactions.”
The R3 Blockchain Consortium was created as a collaboration between the New York-based fintech firm, R3 and a handful of international banking institutions. Since then, the group has attracted many financial institutions from across the world. Major IT firms like Microsoft, Accenture, Intel and IBM are also part of the consortium, providing the necessary infrastructure for the project.
The addition of Thomson Reuters into the consortium was described as a major milestone by David Rutters, the CEO of R3. He also goes on to say,
“Thomson Reuters’ insight and expertise in this field will be an invaluable asset in our collaborative lab environment.”
R3 Consortium recently released Corda, a distributed financial ledger built over Ethereum for use in its related banking applications.
Similar to R3 Consortium, financial institutions in Russia and China are creating their own working groups to develop a standardized blockchain technology based protocol for banking applications. At the current pace of development, we can expect the banking sector to start adoption digital currency technology-based solutions into their mainstream operations in the coming one or two years.