The partnership will aim to speed up the global development of blockchain through SIAnet’s network of 600 nodes, provided to financial institutions, corporates and public administrations.
SIA will develop SIAchain, a network which will be integrated with R3’s Corda platform, allowing institutions to run applications designed specifically to their needs, or CordDapps.
According to SIA, the SIAchain infrastructure guarantees a standardised operating context to registered members, reducing time and operating costs.
Corda, a distributed ledger technology, has been developed over the past two years in partnership with R3’s 100 members, in order to build a “diverse ecosystem” of applications on the platform to provide a “unique solution” to market challenges.
Massimo Arrighetti, CEO of SIA, commented: “The collaboration with the R3 consortium is a milestone in our blockchain strategy. We will integrate on SIAchain, which rests on roughly 600 nodes of the SIAnet network throughout Europe, the most advanced technologies available and we will develop innovative applications for financial institutions, corporates and public sector” said.
David Rutter, CEO of R3, said: “In addition, leveraging connectivity to existing networks such as SIA’s helps speed up adoption and implementation of DLT across global financial markets.”