R3 Blockchain Real Estate Trial Gains More Participants In Barclays And RBS
Two major banking chains in the UK have joined up in a trial that used blockchain to create a streamlined real estate purchase. According to Coin Telegraph, Barclays and the Royal Bank of Scotland (RBS) have committed after carefully studying and reviewing what benefits the technology could bring their respective businesses.
The trial involved 40 participants aside from the two banking institutions. Each of those involved in the trial used a tool from Instant Property Network (IPN).
The firm is a startup, which used the platform Corda created by enterprise blockchain company R3. The startup has defended the use of its platform, saying that it could result in saving as much as $160 billion collectively for those in the group.
These banks were mostly skeptical at the start but had been successfully brought over to the fold, as it appears. Dan Salmons, director for mortgage innovation at RBS, had said that the trend is 'near the end of the hype cycle.' So far, no consumer solution had been implemented in creating trustworthy ledger technology until the blockchain platform.
That having been seen, there has been a lot of movement in the blockchain world. Jesse Edwards, one of R3's co-founders, has been said to have left the enterprise blockchain company. According to Coindesk, the former Sandler O'Neill banker founded R3 in 2014 with David Rutter and former Standard Chartered exec Todd McDonald.
Edwards, according to the report, had said that his work was 'done' and he felt that his time with the company was at an end.
He reiterated that working on the foundation of R3 was one of his most memorable experiences and he lauded the good fortune of working with people such as Rutter and McDonald. He also said that R3, since its foundation, has become a 'leader' and 'standout partner' in the blockchain-supported industry.
Edwards' departure appeared connected with a difference in investment methods relating to Corda, R3's blockchain creation as well as the base platform for running and developing open-source applications. Edwards has been involved in a sort of 'side fund' which was directed towards Corda--known as 'Ardoc,' in this case.
Barclays and RBS have both placed their trust in Corda as a partner in innovation. The movement has been gaining traction worldwide; the UAE real estate company Elmaar has been exploring its own cryptocurrency token, while lawmakers in Ohio has been targeting a blockchain-based platform for real estate transfer.