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The US commercial communications firm IPC Systems has partnered with the R3 software blockchain enterprise consortium, according to a press release shared with Cointelegraph on December 3rd.
IPC is a commercial technology services company known for producing commercial turrets, which are communication systems used by financial traders on their trading facilities. Through the Partnership, IPC intends to support the Corda blockchain networks of the consortium on its Connexus platform.
Connexus Cloud is a cloud-based platform of the financial markets for business communications and compliance, voice and data. The product includes companies in the financial sector, liquidity revenues, energy companies and market data and clearing companies.
The Corda blockchain network uses smart contracts that are triggered by price developments or market volatility. Collaborating with R3, IPC will presumably provide data on the capital market, making more accurate the sources of information used by smart contracts – dubbed "oracles".
Robert Coole, Director of Product Management at IPC, said that "the interest of the financial industry in the blockchain has increased significantly in recent years, with continued growth in investments to support this emerging technology."
Today, 26 French companies and five major banks have completed a Know Your Customer (KYC) test based on the Corda platform. Participants in the trial would be able to implement KYC requests within a shared network, with banks needing to request access to data and clients that can approve and revoke access, with all the data recorded on the blockchain.
In November, SBI Ripple Asia and the Japan Payment Card Consortium announced a joint proof of concept (PoC) to fight fraud with blockchain technology, which will be based on Corda. The PoC will also aim to prevent damage caused by fraudulent transactions, as data in the system will be "shared only with those who" need to know "."
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