R3 Blockchain Project is patented in New York

R3CEV

Blockchain technology hides a treasure and as it is its power to solve and improve repetitive processes that are made manually or digital and the result is the ability to lower costs for users becomes it more interesting. It is known also that at the same time transparency can be improved, neatness and data tenure, smart companies are beginning to become aware of their power extending both as the mind and the knowledge of man.

In this particular case, a project called R3 and The leader of the banking consortium of 60 of the largest banks in the world and that has been built with blockchain technology according to reports it has filed a patent application for its distributed technology, The Wall Street Journal has revealed that the StartUp R3 CEV, based in New York, presented on Tuesday this week, a patent for software code with the name “Concord”.

It also states that it is the first patent filed non-transparently, because it is considered that there is much secrecy around this news. On the other hand, this project has earned a reputation for creativity with blockchain technology private purposes and has received much publicity in the finance industry.

It is important to note the following thing, when there is public blockchain its access is free, as to be able to see the published information, it means that there is no restriction, however, the Concord platform will be distributed in a ledger deprived of their composition, it may be displayed by authorized members. On the other hand, each transaction made by Bitcoin and Ethereum is recorded publicly it means there aren’t restrictions to gain access to information, this does not happen with the Concord platform.

In this sense, the other notable difference between the Concord platform and public accounting books, as bitcoin blockchain or blokchain ethereum is the lack of a digital counter or cryptocurrency, it means that in Concord there is not digital currency.

As for the name chosen for the “Concord” platform daily, The Wall Street Journal asserts that it was chosen specifically for harmony R3 hopes to bring and build between banks partner, many of which are the largest in the world.

On the other hand, Richard G Brown, R3 CTO blogged the following thing, “The Concord project is our codename for the overview joined Corda as our underlying software of distributed accounting book.”

It also referres, R3 announcement for the first time Corda software through a technical paper in April this year, as a blockchain technology solution to improve the infrastructure of existing financial services.

Another thing that can be drawn from the report published by The Wall Street Journal, is that the Concord software compared to ethereum in their similarities are pointed out, as to how developers can build their own applications through the layers of the platform, moreover; Concord will support smart contracts, as presented in blockchain ethereum.

As additional information we have that we have an early version of Concord software, that will go into production in the coming months, they will perform a selected group of banks that want to test the platform. This can happen in early 2017, it is expected that a more robust Alfa version can be started for the second half of 2017. The expectations are being met, blockchain bitcoin technology came to occupy a space achieved with ingenuity and creativity. It is a challenge for generations of developers who see their spaces that will clarify and expand. New announcements about it are expected.

References: cryptocoinsnews

Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and/or services. This press release is for informational purposes only. Information does not constitute an investment advice or an offer to invest.

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *