Corda Network is an ecosystem where corporations can transact privately using Corda applications, and since Corda is currency agnostic, corporations are free to use a digital asset of their choice. However, Corda currently supports only XRP.
Robin Marshall, the Chief Information Technology officer of Commercial Bank, said,
“We already know that blockchain technology has the potential to make transactions between banks frictionless and secure, but there are potentially other, huge benefits of this technology that we are not even aware of.”
Marshall also added that the bank collaborated with R3 to discover other benefits of blockchain technology and simultaneously improve customer experience, reduce friction between parties, and drastically cut down fees.
David Rutter, the CEO of R3, stated,
“Welcoming Commercial Bank as a partner is a great opportunity to fresh perspectives. We look forward to sharing expertise and input with Commercial Bank in future projects as we continue to explore the potential of the Corda platform…
We look forward to sharing expertise and input with Commercial Bank in future projects as we continue to explore the potential of the Corda platform.”
R3 is working with over 300 partners from across the world by providing them with faster, secure, and reliable payment methods using Corda applications on the Corda Network. Moreover, Corda Foundation was founded recently and is independent of R3. It will work towards encouraging the wider adoption of the Corda Network.
According to their official website, Corda partnered with almost 250+ organizations worldwide, including companies like Amazon Web Services [AWS], Citibank, HSBC, Huawei, Infosys, Capgemini, and Intel.
@ralf66557696, a Twitter user, commented,“However, now that R3 has begun integrations with SWIFT, in the short term, banks will prefer to settle Corda payments in fiat currency, and not XRP.”
Another Twitter user, @XRP_OWL, replied,“True but they will have the option to settle with xrp…it will be faster and cheaper. Word spreads fast, what do you think will happen once one or two banks settle with xrp and see true utility? Hint …Dominos”
CFTC Chairman says that America needs to lead blockchain
- Heath Tarbert believes that the United States should lead the blockchain space.
- The US should take a more active role in the space, and even take the lead, if possible.
The Chairman of the CFTC (Commodity Futures Trading Commission), Heath Tarbert, is keen for the United States to take a more active role in the cryptocurrency/blockchain space, although he recognizes that the industry lacks clarity.
Tarbet was speaking at a conference on Tuesday, where he expressed his views on the state of the crypto/blockchain industry in the United States. According to him, the US should take a more active role in the space, and even take the lead, if possible.
CFTC Chairman added that the desire to create a stable regulatory landscape came due to the CFTC’s employees’ choice to make ‘forward-looking’ one of the agency’s core values. To achieve the new goals, he did admit that the CFTC is communicating with the US SEC, almost on a daily basis.
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HSBC, SGX to Investigate if DLT Offers Efficiency Boost for Bond Markets
Can digitalizing bonds with distributed ledger technology (DLT) bring benefits to market participants?
That’s a question being asked by HSBC Singapore in a new trial being developed in partnership with Singapore Exchange (SGX) and investment firm Temasek.
The effort will examine the potential of DLT to streamline the issuance and servicing of fixed income securities, debt instruments that pay fixed interest to investors, with a specific focus on the Asian bond markets.
In an announcement on Wednesday, HSBC sets out that, while the Asian bond markets have been seeing speedy growth, issuance and servicing of the instruments lack efficiency without a single platform for sharing data between different entities and tracking bonds across their lifecycle.
The trial aims to address that shortfall by tokenizing bonds using smart contracts on a permissioned ledger with the intention of streamlining these processes and easing friction in the markets. Ultimately, DLT could cut costs for issuers, investors, bond arrangers and custodians, the bank said.
HSBC is already deep in the blockchain and DLT space, having launched numerous projects involving the tech and often speaking out in advocacy. Last year the bank warned that “digital islands” could inhibit global blockchain-based trade. An exec also called on the U.S. Commodity Futures Trading Commission (CFTC) to make more “positive noise” about DLT to encourage reluctant businesses into using the tech.
While all this seems extremely bullish on the technology, Tony Cripps, HSBC Singapore CEO, argued that DLT’s potential to reduce inefficiencies in the fixed income market still has to be determined. “Only by collaborating with market participants will we fully understand its actual viability,” he said.
“Having HSBC and Temasek on board will enable us to evaluate holistically whether smart contracts and DLT can solve some of the long-standing challenges in the fixed income issuance ecosystem,” said Lee Beng Hong, head of fixed income, currencies and commodities at SGX.
The Big Block blockchain
The importance of having a big block in a vehicle motor means the vehicle will have much more power overall. There is much more space [more volume] for fluids to be contained within. If you can pump more fluids such as oil, gasoline, air, etc., you can produce a larger combustion which, in turn, cranks larger components.
With more power, the vehicle can do more work and do that work much more easily than that of a vehicle with a smaller engine block. ILCoin is the big block motor of cryptocurrency. At the end of November of this year 2019, the ILCoin Development Team will be rolling out its newest model: the big block RIFT Protocol.
This new, big block protocol will be primed and ready to take on much, much more work than its current 25 MB block. The maximum capacity of the block will be 5 GB; making it the largest functional block size to successfully operate on a live network. Up until now, Bitcoin SV [BSV] has the record for the largest mined block on the live network set at 128 MB.
RIFT Protocol is able to achieve these large block sizes due to the way it handles data synchronization. A 5 GB block will not have to synchronize all at once. The block’s information will be broken down into smaller Mini-Blocks which upload asynchronously.
Each Mini-Block is referenced not only to the primary block being mined but to the previous and next Mini-Block in the series using a highly unique hash. This referencing system allows for a completely secure sync as no block may be added or missing from the series less the block, nay, the chain become completely rejected.
What does this bigger block mean for cryptocurrency?
Put simply, room for expansion. The new block size will give enough room within each block to store much more than transaction data. Just one year later after the release of the RIFT Protocol, the ILCoin Development Team will be releasing their Decentralized Cloud Blockchain [currently in development].
The implications of which mean yet another blockchain first for the ILCoin Development Team; complete on-chain data storage. There are many types of cloud storage available today, but none of the storages may boast such a longevity and overall immunity to data decay as would an on-chain data storage network completely contained within mined blocks. The RIFT Protocol is priming the way for this new Decentralized Cloud Blockchain as well as other future developments.
Smart contracts are also in development by the ILCoin Development Team. ILCoin uses SHA-256 Proof-of-Work technology which will also make ILCoin the first SHA-256 blockchain to successfully utilize any type of smart contract.
Also, on the docket for evolution within the ILCoin blockchain is the Command Chain Protocol [C2P] itself. C2P, for readers new to this technology, is a security protocol integrated directly into the Proof-of-Work algorithm; effectively changing the algorithm from simply POW to POW/C2P.
C2P already makes ILCoin immune to 51% attacks [another cryptocurrency first] by automatically refuting unwanted miners even though the source code is open source. In its future update, when it becomes C3P, it will allow other miners to connect to the network.
However, it will limit miner participation hashrate to allow all miners who want to join the network a fair chance at mining while at the same time preventing any mining pool dominance; essentially it will even the playing field.
Big block engines have a downside. They consume much more fuel to operate. With the ILCoin’s RIFT Protocol, the energy consumption to produce the block will be minimal thanks to their closed mining policy as well as the RIFT’s programming. The 5 GB block is only the beginning.
As necessity dictates, the block size can be upgraded to a theoretically unlimited size. Therefore, as storage for the Decentralized Cloud Blockchain becomes more demanding, we could possibly see another record-breaking block size in the future to drive the powerhouse that is ILCoin.