During this week’s Bitcoin.com podcast our host, Richard Jacobs, sits down with Tim Swanson, Director of Market Research of R3 consortium. They discuss blockchain, banking, and the mission of R3 as a banking company interested in blockchain and distributed ledgers.
Swanson defines blockchain technology and criticizes people for not clearly explaining or defining blockchain technology. It can be vague and nebulous, he says. He defines blockchain as a cryptographically-secured, tamper resistant data structure that is stored in a cloud. He elaborated on what R3 is building:
R3, the company I work for, is not even actually building a blockchain per se. It is building a distributed ledger. A blockchain is one instantiation of a distributed ledger.
He mentioned R3 is reapplying various techniques for specifically regulated financial institutions and financial markets. Their consortia has roughly 80 members and recently raised over $100M to fill up the financial market infrastructure for their participants. The end goal is to replace reconciliation processes, or the devil of the financial industry.
What do you think about banks using a distributed ledger? Is R3 bringing something novel and innovative into the mix? Share your thoughts in the comments section below!
Images courtesy of Bitcoin.com and R3
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