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R3 adds Qatar’s Commercial Bank to Corda ecosystem for developing blockchain applications, solutions

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R3 adds Qatar's Commercial Bank to Corda ecosystem for developing blockchain applications, solutions
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Commercial Bank became the first bank in Qatar to join enterprise software firm R3’s Corda ecosystem. This collaboration will help the bank in developing innovative applications and solutions on the Corda network.

Corda Network is an ecosystem where corporations can transact privately using Corda applications, and since Corda is currency agnostic, corporations are free to use a digital asset of their choice. However, Corda currently supports only XRP.

Robin Marshall, the Chief Information Technology officer of Commercial Bank, said,

“We already know that blockchain technology has the potential to make transactions between banks frictionless and secure, but there are potentially other, huge benefits of this technology that we are not even aware of.”

Marshall also added that the bank collaborated with R3 to discover other benefits of blockchain technology and simultaneously improve customer experience, reduce friction between parties, and drastically cut down fees.

David Rutter, the CEO of R3, stated,

“Welcoming Commercial Bank as a partner is a great opportunity to fresh perspectives. We look forward to sharing expertise and input with Commercial Bank in future projects as we continue to explore the potential of the Corda platform…
We look forward to sharing expertise and input with Commercial Bank in future projects as we continue to explore the potential of the Corda platform.”

R3 is working with over 300 partners from across the world by providing them with faster, secure, and reliable payment methods using Corda applications on the Corda Network. Moreover, Corda Foundation was founded recently and is independent of R3. It will work towards encouraging the wider adoption of the Corda Network.

According to their official website, Corda partnered with almost 250+ organizations worldwide, including companies like Amazon Web Services [AWS], Citibank, HSBC, Huawei, Infosys, Capgemini, and Intel.



@ralf66557696, a Twitter user, commented,

“However, now that R3 has begun integrations with SWIFT, in the short term, banks will prefer to settle Corda payments in fiat currency, and not XRP.”

Another Twitter user, @XRP_OWL, replied,

“True but they will have the option to settle with xrp…it will be faster and cheaper. Word spreads fast, what do you think will happen once one or two banks settle with xrp and see true utility? Hint …Dominos”





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

XRP

Ripple’s initiative invests in Bolt Labs to improve secondary payment channels and expand interoperability

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Ripple’s arm, Xpring which invests and incubates in companies and individuals which help improve the XRP ecosystem, invested in Bolt Labs. With the new investment, Xpring hopes to develop solutions that will help improve the security of secondary payment channels and increase the interoperability by integrating with the ILP.

Bolt is a private, off-chain scaling solution which was built on top of Z-cash, a privacy-focused cryptocurrency, has attracted more than a few well-known investors in the crypto-space and Ripple’s Xpring is one among them. In a blog, Bolt Labs said that their solution will focus not only on ZCash but also other publicly available cryptocurrencies that do not have inherent on-chain privacy features.

It also stated:

“The potential for these implementations to be networked together with technologies like Interledger opens the potential further for cross-chain interactions with these privacy guarantees baked in.”

The above statement suggests that they might have a “potential” implementation for these on Interledger Protocol [ILP]. ILP was created at Ripple developed by the Interledger W3C Community Group. ILP aims at connecting two different blockchains, to integrate two different ledgers and have seamless operations between them.



This would vastly benefit the payments industry, which is facing a revolution at the hands of a nascent technology like blockchain. Ripple, a payments provider, which is leveraging cryptocurrency and blockchain to facilitate faster payments, would benefit largely from this partnership. In addition, this could also signify a potential development on the  XRP Ledger and its on-chain/off-chain privacy and the currency, XRP.

A Twitter user @XRPCentre tweeted:

“If the solutions being developed by the company are able to improve the privacy of the ILP transactions, they would also be enhancing the privacy of XRP/ILP payments, which is a very demanded feature…. It’s all about interoperability and destroying network effects. If ILP succeeds in being the best protocol for cross-protocol/ledger transactions, you’d naturally search for the best asset therein.”





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