R3 connects 11 banks via distributed ledger

The firms complete mock trades in a series of experiments that could determine blockchain's application in the finance industry

United front: R3 brought 11 banks together on a cloud-based distributed ledger

Eleven of the world's largest financial institutions have completed mock trades with one another via a private peer-to-peer distributed ledger, managed by start-up venture R3 CEV, marking a milestone on the path to blockchain's adoption by the banking industry.

Financial technology innovation firm R3 announced the successful completion of the experiment on January 20, noting its participants were able to simulate the exchange of value, "represented by tokenised assets on the distributed ledger"

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