The R3 Consortium has filed a Patent for its own Blockchain Network

By Daniel Zo Concord, Corda, Blockchain, Fintech, R3 Consortium

During the last couple of months, banks from all around the world have shown a growing interest in Bitcoin, and its underlying technology, the blockchain. However, it seems like the R3, a blockchain startup in charge of leading the banking blockchain consortium, has reportedly just filed for a patent to launch their very own distributed technology.

R3 Consortium

To put things better into perspective, the R3 Banking Blockchain Consortium consists of more than 60 of the world’s biggest banks, thus granting it an essential role on the blockchain market. According to recent reports, the R3 CEV’s patent was for its software, supposedly codenamed as ‘Concord’. The patent is likely the first filed by the nontransparent, which has managed to get an interesting popularity due to the press.

When compared to the public ledger we know as the blockchain, the newly patented Concord platform will reportedly only be accessible to registered and approved members. Not only this, but while all transactions that take place on conventional, transparent blockchains are viewable to the public, the Concord platform will only display this data to the trusted, approved parties, hence removing its decentralized and transparent status.

In a recent blog post, Richard G Brown, the CTO of the R3 CEV has mentioned that: “Project Concord is our codename for the overall vision, with Corda as our underlying distributed ledger software.”

The Concorde platform was initially announced in April 2016, and was described as a blockchain solution that will likely introduce several improvements to the conventional financial infrastructure.

A recent report has compared the Concord platform to Ethereum, as it will supposedly allow developers to build their very own smart applications on top of the ledger, while also issuing and carrying out smart contracts, just like the Ethereum blockchain.

The public should expect the first version of Concord to be released in the next couple of months, with access only being given to a select group of banks from the consortium. A better, more-robust version of the platform will probably be launched by mid-2017, thus giving the developers enough time to fix the issues that may arise, while also allowing the initiators to gain more ground, and promote the blockchain-like platform.

Such a platform can also open up the gates for further similar products. In fact, there are already numerous rumours that a couple of banks are planning to launch their very own digital currency, issued in the form of value-based tokens.

Based on everything that has been outlined so far, what do you personally think about the newly-patented Concord platform? Let us know your thoughts in the comment section below.