Blockchain technology remains of keen interest to financial service providers. Tieto, a Nordic software and services company, is forging an alliance with R3. The enterprise blockchain software firm will help accelerate adoption of decentralized business networks built on top of Corda.

R3’s blockchain ecosystem has seen tremendous growth over the years. The company welcomes new partners virtually every other month. Having Tiesto on board is another validation of the company’s vision and work to date. As a partner, Tieto will attempt to implement the Corda ecosystem into its various projects focused on financial services, supply chain, and the public sector.

A Strategic Blockchain Partnership

It is not the first time Tieto ventures into the world of decentralized technology. The Nordic firm has created a decentralized business network earlier this year. It seems the company is now looking to further expand its expertise in the world of distributed ledgers. Using Corda for that specific purpose makes a lot of sense at this stage.

Tieto Head of Blockchain Solutions Markus Hautala adds:

“By combining both Corda and Hyperledger Indy, we now have the ability to build highly scalable global business networks to serve vast numbers of industry use cases involving record keeping, asset trading, multi-party process management and decentralized contract signing. Through partnering with R3, we’re continuing on our mission to build smart societies where transactions between parties are trusted, fully digital and automated.”

For Tieto, partnering R3 was seemingly the plan all along. Earlier in 2018, the Nordic firm partnered with Evernym, another member of the R3 consortium. As such, the firm further confirms its vision to revamp financial services and supply chain infrastructures. Distributed and decentralized technologies will play an increasing role of importance in this regard.

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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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