Thomson Reuters Joins R3 blockchain consortium
(This article first appeared on Reuters)
Thomson Reuters has joined a consortium of the world’s biggest financial institutions that is working on how to use the blockchain technology that underpins bitcoin in global financial markets, the company said on Tuesday.
Thomson Reuters will be the first major data and technology provider to join the consortium of more than 55 banks and other financial institutions, according to New York-based fintech firm R3, which brought the consortium together last year.
Blockchain technology advocates say it has the potential to shake up how markets operate. The technology, which underpins the digital currency bitcoin creates a shared database in which participants can trace every transaction ever made.
Thomson Reuters is the parent company of Reuters. (Reporting by Jemima Kelly Editing by Jeremy Gaunt.)
The proof of concept uses smart contracts from Digital Asset and DLT from VMware.
The network is driving adoption of standardized post-trade swap data models and workflows.
The market maker will contribute real-time crypto market data before expanding into equities.
Pyth is built on a blockchain to handle receipt and distribution of fast-moving data.
Interoperability with current capital markets infrastructure is a challenge.