The Wall Street Blockchain Alliance has joined enterprise software firm R3’s collaborative initiative to develop innovative applications and solutions on its Corda blockchain platform.

The WSBA is an industry leading non-profit trade association with a mission to advocate, guide and promote comprehensive adoption of blockchain technology and cryptoassets across global markets.

It joins R3’s global network of more than 300 of the world’s largest financial services firms, technology companies, central banks, regulators, and trade associations working together on Corda.

Corda is an enterprise-grade blockchain platform that removes costly friction in business transactions by enabling institutions to transact directly using smart contracts, while ensuring the highest levels of privacy and security. R3 recently launched Corda Enterprise, a commercial distribution of Corda specifically optimised to meet the demands of complex institutions

Corda and Corda Enterprise are the foundation of a vibrant ecosystem of interoperable applications. These apps are built by R3’s partners, harnessing the power of blockchain to overcome the specific challenges faced by their customers.

Ron Quaranta, CEO of the WSBA, comments: “We are pleased to partner with R3 and introduce our trade association to the wide range of use cases that Corda enables throughout global financial services. We are certain that our members will benefit from our close collaboration with this leading industry body.”

David E. Rutter, CEO of R3, comments: “The Wall Street Blockchain Alliance (WSBA) and R3 will work together to to accelerate widespread adoption across an innovative community of financial services professionals. We advocate a strategic approach to collaborating with regulatory bodies so that financial markets, and beyond can gain the full benefits of blockchain’s capabilities.”