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R3 and Ripple are fueling their fintech ambitions with the launch of a universal settler app for payments on the Corda blockchain platform.
"Two of the world's most influential cryptographic and blockchain communities can work together"
Called Corda Settler (it looks like a kind of dog), the R3 app is "purpose-built to allow the payment obligations collected on the Rope blockchain platform to be made through any of the world's payment systems, both traditional and based on blockchain ".
The picky crowd of Ripple's XRP will be ecstatic on Twitter as it is the first globally recognized cryptocurrency to be supported by the settler.
"The deployment of the Settler Cord and its XRP support as the first settlement mechanism is an important step to show how the powerful ecosystems cultivated by two of the most influential crypto and blockchain communities can work together," says Richard Gendal Brown, CTO in R3.
It makes a good point because R3 and Ripple often grab the titles of the blockchain and crypto sectors.
The Settler is an open source CorDapp that allows you to resolve obligations through any parallel binary that supports cryptocurrencies or other cryptographic resources and any traditional binary that can provide cryptographic proof of the regulation.
R3 explains that Settler will verify that the payee's account has been credited with the expected payment, automatically updating the Rope register.
In the next phase of development (when possible), the settler will support the net internal deferred compensation and gross cash payments in real time.
According to R3, when a payment obligation arises in Corda during the course of the business, one of the parties now has the option to request payment via XRP. The other party can be informed that the regulation has been requested in XRP and that they must provide a payment at the address requested before the specified deadline. Once an Oracle service has confirmed that the payment has been made, both parties can consider the obligation as settled.
In other recent news, as reported on December 3, R3 has revealed that 14 French companies have completed a test of the Corda-based CordaKYC application hosted on Microsoft Azure.
Also, as reported today (December 5), Ripple was one of the four blockchain companies that created an association of European blockchain organizations, Blockchain for Europe.
I told you they were busy.
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