R3 Corda And XinFin Collaboration
As it comes from a press release on 8th FebFriday from XinFin, the enterprise blockchain platform XinFin has united with the R3 consortium. The R3 Corda marketplace will be hosting several XinFin applications for users with business background. R3 Corda recently acted as a bridge between Ripple and SWIFT partnership that took place in the January-end.
The XinFin applications include finance into trade, invoicing, asset management, real time accurate remittance and applications with other functionality. All of these applications are based on blockchain technology. Specific finance based institutions that use the R3 Corda distributed ledger network blockchain platform will be able to gain access to this service and integrate these applications.
XinFin announced in year 2017 that the organization aimed to standardize enterprise based blockchains by adding the XdC01 protocol. This protocol basically allows firms to keep their financial transactions private and at the same time verifiable by an immutable and unmodifiable record on the public front of the blockchain. This was stated by the Chief Technology Officer Karan Bharadwaj said in his statement.
This R3 Corda And XinFin Collaboration come as a follow up of an announcement in January 2019, that ING Bank has reached an agreement with R3. This will facilitate the financial institution to access an unlimited number of licenses from the Corda Enterprise platform. Also an authority to deploy those apps across its own back office systems. ING Bank said that it is looking forward to target trade insurance, finance, other back-office apps and identity management.
XinFin also specified in the release that its community of developers will bridge the voids between Corda private network to XinFin’s public network in order to support a hybrid, fused public-private abstraction based Blockchain Ecosystem. XinFin’s public exchange infinite public network has integrated Know Your Customer[KYC] and anti-money laundering features, specifically designed to maintain security. All this while undertaking transaction on assets like trade, finance, instruments and bonds, as per the press release.
“Our longstanding joint journey with R3 has proven that this is the most mature [distributed ledger technology] solution to serve the needs of the financial service industry” -Annerie Vreugdenhil ING Head of Innovation for Wholesale Banking
XinFin stated in the announcement that it would integrate its hybrid blockchain technology into a structured array of enterprise applications through collaborations. The R3 Corda And XinFin Collaboration will be with various partner firms and based on a focus factor on re-engineering business processes, procurement and settlement, supply chain management, financing. This collaboration is expected to bring many positive influences in the industry in coming times.