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R3 presented a new app on its international blockchain, a global payment platform that uses Ripple's XRP as the initial base currency.
The app, nicknamed the Corda Settler, continues the R3 curriculum for the pursuit of ambitious blockchain projects, and is supposedly "purpose-built to allow the payment obligations collected on the Corda blockchain platform to be made through any of the global payment, both traditional and blockchain-based. "The press release makes clear that XRP will be the first cryptocurrency specifically supported by Settler, but has also openly stated that it would not be unique in the near future.
In the version, Richard Gendal Brown, R3 Chief Technology Officer, offers some clarifications on the choice of the XRP by his company in particular.
"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," Brown said in the statement. press, adding that "while the settler will be open to all forms of cryptographic and traditional resources, this demonstration with XRP is the next logical step".
The R3 blockchain has already proven its ability to handle a variety of different apps for different use cases, and the Settler app will continue to work on the same standard. According to the release, Settler will allow payments of all types to be "regulated via any parallel track that supports cryptocurrencies or other cryptographic resources, and any traditional binary that can provide cryptographic evidence of settlement."
The press release ends by describing a new functionality of the Corda transactions, without specifically mentioning Corda Settler: that is, the parties in payment bonds now have the option to request funds specifically in XRP. The team working on these updates to the R3 obviously has some confidence in XRP's appeal as a cryptocurrency and payment vehicle, despite having had legal problems with Ripple in the past.
The new app is certainly not their first attempt to use a financial blockchain to reach customers all over the world, and they've had a solid track record in that field to boot up. At the start of this year, R3 launched a test of a Know Your Customer (KYC) application on Corda, which started off smoothly while dealing with various banking institutions on different continents.
