R3 Consortium Tests Corda and XRP Settlement

The R3 consortium began testing the Corda Settler payment engine using the Ripple XRP. The combination of Corda’s distributed registry technology and Ripple money transfer is likely to create many new business cases that were previously impossible.

The testing uses the native Ripple coin, XRP. Although this caused a wave of optimism among supporters of Ripple and XRP, R3 asserted from the very beginning that its technology could be compatible with various networks, especially with payment systems. R3 is the world leader in developing blockchain-based enterprise solutions, and Corda Settler is described as follows:

"An application purpose-built to allow for payment obligations raised on the Corda blockchain platform to be made through any of the world’s payment systems, both traditional and blockchain-based."

Richard Gendal BROWN, CTO for R3, noted that Corda Settler will use a host of other networks, but it’s also important that XRP is the first to demonstrate how Ripple and R3 have over time cultivated “influential crypto and blockchain communities.”

In addition to partnering with R3, Ripple also might be collaborating with SWIFT, which has reportedly abandoned plans to continue developing its own blockchain platform. Ripple can benefit from SWIFT client base, which has more than 11,000 financial institutions.

Image courtesy of BitcoinExchangeGuide