Barclays demos R3’s new distributed ledger Corda at London event

At a recent event celebrating the graduation of its new startup accelerator, Barclays demonstrated a new smart contract platform built on Corda, the recently launched distributed ledger project from the R3 banking consortium.

Dr Lee Braine, from the CTO office of Barclays, called the demonstration "history-making", saying distributed ledgers constituted an 'elegant way' to address the problem of legal agreements in the financial sector, which was one of the main focuses of the Corda design team.

According to the International Business Times, Brain presented a model used by investment central banks that showed an interest rate swap cycle.

Brian says:

“Legal documentation procedures are time-consuming, cumbersome, and manual. Smart contract templates can simplify all of these procedures, and because these templates can be reused, they can promote the promotion of mandatory legal standards.”

Lee Braine

Brain said the model was developed in collaboration between R3, University College London, standards body ISDA, Societe Generale and Barclays’ partner in financial technology accelerator TechStars.

Brain showed how a distributed ledger could enable multiple parties within the system to see the same files, while simulating how nodes could trade information.

According to the news source, a key feature of Corda during the demonstration was how it showed how not all nodes share information on the ledger. Compared to public blockchains such as Ethereum and Bitcoin, Corda’s design mechanism is considered more efficient for financial institutions.

Original article: http://www.coindesk.com/r3-corda-demo-barclays-distributed-ledger/
By Pete Rizzo
Compiled by: Kyle
Source (translation): Babbitt Information (http://www.8btc.com/barclays-demos-r3-corda)