The R3 blockchain consortium has been adding a lot of new members as of late. The demand for their distributed ledger research services continues to grow on a global scale. BM&FBovespa is the first exchange members to join this initiative. A significant move for Brazil, as they seem to go all-in on the blockchain as well.
A Significant Partner For R3
The addition of BM&FBovespa to the R3 blockchain consortium is a significant move. Some people may have heard that name as the company is the largest financial market infrastructure in all of Latin America. Although they have no lack of success to deal with, blockchain technology appeals to everyone in the financial sector these days.
As was to be expected, the Brazilian exchange service will dedicate time and resources to further develop Corda; the R3 shared ledger platform. Keeping in mind how this concept is designed to focus on managing and recording financial agreements, it is not difficult to see why BN&FBovespa is interested in this technology.
BM&FBovespa IT MD Jochen Mielke de Lima told the media:
“BM&FBovespa is researching blockchain-based solutions from a business and IT perspective, and we are pleased to join R3 in the drive to innovate in capital markets. Distributed ledgers hold a promise for process efficiencies, and we want to work with our customers to evaluate real use cases.”
All of this is very good news for the blockchain consortium, which recently saw its number of embers increase spectacularly At this rate, R3 will welcome their 100th member in the next few months, which would be a significant milestone. The addition of the Brazilian financial giant is another validation of the power distributed ledgers bring to the table.
Speaking of the success of R3, BNP Paribas is looking to host a new blockchain hackathon in New York soon. The primary focus will be on businesses, as well as unveiling Paribas’ Innovation Lab in NY. Distributed ledger technology is being explored by several dozen startups who are part of this Innovation Lab.
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