IPC Systems To Use Corda Blockchain In Its Work
IPC Systems, the American communication trading company, has entered into a cooperation agreement with the consortium R3 to use the Corda blockchain in its work, Cointelegraph reports.
IPC produces communication systems that traders use on their platforms. The firm intends to use the Corda blockchain from R3 on Connexus — the company’s cloud platform for data transfer, voice messaging, and other communications in the financial markets. Its facilities are used by financial institutions, as well as energy, clearing, and other companies.
The Corda blockchain uses smart contracts related to prices and market volatility. By collaborating with R3, IPC will provide more accurate information about the state of the financial market.
The interest of financial companies in blockchain has increased substantially in recent years, and investment in this technology has increased accordingly, Robert Coole, the IPC product management director, stated.
To date, 26 French companies and five large banks have completed the Know Your Customer (KYC) test on the Corda platform. During the tests, banks requested information, and clients could reject or allow access to their data that was stored on the blockchain.
As previously reported, the Indian branch of HSBC made the country's first transaction using the letter of credit on the Corda blockchain.