R3 CEO David Rutter: blockchain can prevent financial scandals, Ethereum ‘super cool’

R3 consortium CEO David Rutter has made several statements to one of the American television channels often reporting about blockchain and cryptocurrency business. Mr. Rutter made it clear that with the opportunities blockchain provides, it would actually be possible to prevent economic scandals of old. Many of them were connected with the tampering of data, and one of the strongest advantages of blockchain is data protection. Finance aside, this technology is also very applicable in the healthcare sphere, Mr. Rutter noted. He offered to imagine hundreds of firms around the world updating their databases simultaneously, something his organization seeks to achieve.

Notably, the leader of R3 thinks that cryptocurrency called Ethereum (at the press time, the second most capitalized on Coinmarketcap) “super cool” due to the fact that it uses a very new programming language called Solidity. R3 prefers Java and SQL which “are tested by time”. As for Bitcoin, David Rutter praised it for raising the interest towards blockchain technologies.

With all this in mind, one should not ignore the regulative side of this business, expert warns. Providing his firm policy as an example, he stated that smart contracts cannot be made equal to regular contracts without careful planning including corresponding legislation.

R3 has started from 12 banks’ alliance in 2015 and more organizations have been joining this distributed ledger research hub ever since, including Raiffeisen Bank last year.

Image courtesy of Micha Theiner