It has been relatively quiet in the R3 consortium camp. More specifically, a lot of people had high hopes this initiative would finally kick off properly. Despite some positive technological development, mum’s the word when it comes to this project. With the first Austrian bank now on board, things may head in a new direction. Raiffeisen Bank International is the latest member of this blockchain consortium.

Attracting more members has not been overly difficult for R3. Over the past two years or so, the group has welcomed around 160 members. These entities include banks, technology companies, regulators, and trade associations. There is also an Austrian bank on board for the very first time. A rather surprising statistic, but it is good to put it to rest as well. Raiffeisen Bank International bit the bullet and is now an official consortium member.

Raiffeisen Bank International Sees Merit in DLT

It is evident this financial institution wants to get more hands-on experience with Corda. This enterprise-grade distributed ledger has been of great interest to a lot of firms. Moreover, there are a lot of proof-of-concepts to be developed on top of this ledger in the future. It is a bit unclear which direction Raiffeisen Bank International wants to head in first  It is good to see them focus on blockchain technology like the rest of the world. It’s also positive news for Europe, which is a pretty quiet region regarding distributed ledgers these days.

Raiffeisen Bank International Plenipotentiary Michael Hoellerer comments:

“By joining R3 we will be able to exchange and collaborate with peers, which will substantially boost the speed, security and usability of our own blockchain innovations. The usage of technology platforms such as ‘Corda’ allows us to gain extensive know-how in the underlying infrastructure of future commercial blockchain applications.”

It seems there are some areas the bank looks to explore. More specifically, the partnership with R3 will revolve around cash, payment services, digital identity, and a few other topics. This is pretty much in line with what other banks are doing with DLT right now. There are plenty of opportunities waiting to be explored in this regard. It is a valuable partnership for both R3 and Raiffeisen Bank International. An interesting future lies ahead for all entities involved, that much is certain.

Header image courtesy of Shutterstock


About Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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