Banco de la Republica Joins with the R3 Consortium to Implement Blockchain Technology
The Colombian central bank has signed an agreement with R3, a software company leader in a blockchain consortium of leading financial institutions, to experiment and test Distributed Accounting Technology (DLT).
With this, Banco de la República has become the first Latin American central bank to accept R3’s invitation to evaluate the benefits of blockchain technology.
David Rutter, CEO of R3 said: “Recognising that our members operate in one of the most heavily regulated industries in the world, since launching R3 we have made engagement with regulators and central banks a top priority. A collaborative public-private working model is crucial to speeding up the deployment of enterprise DLT platforms such as Corda. We look forward to working together with Banco de la República Colombia.”
R3 is already collaborating with several central banks and regulators around the world who collaborate with consortium members to develop commercial applications for the financial services industry that leverage the appropriate elements of DLT.
“The emergence of blockchain as a mechanism to have decentralised, secure and synchronised databases has promoted the emergence of platforms such as Corda from R3. It is in our interest to evaluate the benefits of this technology for the safe and efficient management of the exchange of securities in the Colombian financial system,” said Fabio M. Pinzón, Director of Technology at the Bank of the Republic of Colombia.
Members work closely with R3 to continue the development of Corda, an open source distributed book platform for recording, managing and synchronizing financial arrangements. Corda is inspired and captures the benefits of blockchain systems, but with design options that make it capable of meeting the needs of regulated financial institutions.
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