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R3, a developer of blockchain solutions for companies, launched its new Corda Settler application and chose Ripple's XRP as the first supported cryptocurrency.
So, what does the platform do?
The platform is designed to allow the financial obligations generated on the Rope blockchain to be made through virtually any global payment system, whether it be blockchain or not. Ripple's XRP will also be the first globally recognized cryptocurrency supported by the app compared to competing bitcoin and Ethereum currencies.
Richard Gendal Brown, R3 chief technology officer, explains:
The deployment of the Settler Cord and its support for XRP as the first settlement mechanism is an important step to show how the powerful ecosystems cultivated by two of the world's most influential crypto and blockchain communities can work together. While the settler will be open to all forms of cryptic and traditional resources, this demonstration with XRP is the new logical step to show how the widespread acceptance and use of digital resources can transfer value and make payments.
Here are some little information about R3
R3 is a blockchain software company that currently works with over 200 individual members and partners in various sectors in both the public and private sectors to develop on Corda – its open source blockchain platform – and Corda Enterprise – the commercial version of Rope for business use.
Cord Settler works by verifying a person's account and ensuring that the expected payments arrive within the set time frame. The team behind R3 has now started the Settler update to support deferred domestic payments and gross cash payments in real time.
The power of the Corda system
When a payment obligation is displayed on Corda, the person sending or receiving now has the option to request that the agreement be verified in XRP. The requesting party can then notify the other, which orders that the payment be sent to the address requested before the deadline set by Settler. Once the payment is made, it is recorded on the Rope blockchain and both parties can label the obligation as "resolved".
R3 boasts a global team of around 180 staff members in 13 different countries and has gathered support from around 2,000 financial, legal and technological experts. R3 has earned over $ 120 million in funding from about 45 different initiatives, and Corda is now used in a variety of industries, from healthcare and finance to shipping and insurance.
Applications like the Settler Cord have the power to change finance forever? Why or why not? Post your comments below.
Image courtesy of Shutterstock
