Another 12 banks have joined the rapidly expanding blockchain consortium R3, including Santander and Danske Bank.
The blockchain consortium was launched with nine members in September, but has grown explosively in the months that followed.
With the new members, the total number of banks affiliated with the consortium has soared to 42. The idea is to experiment with how the financial industry can use the blockchain’s distributed ledger technology to build new platforms.
R3’s chief executive David Rutter believes the blockchain will impact the financial services industry in much the same way the internet has changed media and entertainment:
Yes, that’s a big statement, but there is increasing evidence to support it. When you look across the industry, the possible applications of these innovative solutions cut across asset classes, geographies and market participants.
Ultimately, these technologies will benefit not just financial services firms, but their clients and end-users as well.