The R3 consortium, an association established by a group of leading banks including JPMorgan, Wells Fargo and Barclays, has recruited mass media and information firm Thomson Reuters to expand its operations into the market data business.
Over the past two years, the R3 consortium’s banks have collaborated with each other to exploit the application of the blockchain technology in the finance industry. The consortium secured strategic partnerships with blockchain-based service providers including Microsoft Azure, which offers Ethereum-based cloud services that are being used as the backbone of the R3’s blockchain-based platforms.
Leveraging its existing blockchain and cloud-based IT infrastructure, the R3 consortium is moving to market data business, with a vision of using the blockchain technology and various proof-of-concept projects to efficiently manage data on a distributed network.
“The opportunities afforded by this emerging technology are enormously exciting for us and for our customers,” Thomson Reuters executive Mark Rodrigues stated. “Our goal with R3 is to collaborate together with the consortium and our customers in these key industry discussions as we shape the future of financial transactions.”
The R3 consortium led by R3 CEO David Rutter believe the participation of Thomson Reuters as a strategic partner will bring immense value to the organization. The consortium will closely collaborate with Reuters to depend on their expertise in the field of market data.
“Distributed and shared ledger-based solutions hold the potential to transform the technology used by financial market participants to execute trades and access market data,” said Rutter. “Thomson Reuters’ insight and expertise in this field will be an invaluable asset in our collaborative lab environment.”
In the past week, the R3 consortium has also announced their move towards trade finance, as a part of their investigation to introduce blockchain-based applications to a wide range of industries. With Thomson Reuters, the R3 consortium will focus on managing and handling data on a distributed network for greater transparency.