SIA Group, R3 Team Up for Blockchain Finance App Network

Technology infrastructure provider SIA Group and distributed ledger technology (DLT) consortium R3 have teamed up in an effort to get banks and corporates using blockchain applications.

Under the partnership, so called CordDapps – blockchain apps based on R3's Corda technology – will be available for clients over a new "secure and protected" 600 node network to be built by SIA. The project is expected to go live from Q1 2018, according to a press release.

Massimo Arrighetti, CEO of SIA Group, said:

"We will integrate on SIAchain, which rests on roughly 600 nodes of the SIAnet network throughout Europe, the most advanced technologies available and we will develop innovative applications for financial institutions, corporates and public sector."

Applications built on Corda use common code and protocols that allow interoperability, according to R3.

David E. Rutter, R3's CEO, said, "We are growing a diverse ecosystem of interoperable applications on the platform, each providing a unique solution to the challenges faced by financial market participants."

Integrations with existing networks have the potential to help speed up adoption of DLT across the financial industry, he added.

Network image via Shutterstock