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Cryptocurrencies

R3's blockchain tech might support crypto assets for the banking industry

Tuesday 26 June 2018 | 01:36 PM CET

The Royal Bank of Scotland (RBS) has worked together with Cordite to allow the creation of different tokens representing various kinds of assets on the same network.

Cordite is an open-source community using R3’s blockchain tech and it is designed specifically for use by the banking industry, as the main contributor and community leader of the project is the RBS. The platform is being positioned as an answer to a range of challenges facing the developers of distributed ledger technology (DLT) inside banks and corporate entities.

In this way, blockchain networks could become more useful to large companies, since they could track both sides of a trade – cash for securities, for example, or one type of foreign exchange for another – on the same ledger, rather than having one leg of the transaction occurring off-chain, according to Coin Desk.

Other companies are looking at internal tokens as a way to connect their treasuries or move money across the world without doing currency conversions. Yet, beyond such potential efficiency gains, the head of emerging technology at RBS sees tokenization as key to making the economics of shared ledgers workable.

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