Nine financial institutions have formed an international coalition, in conjunction with the financial technology firm R3, to create and deliver advanced distributed/shared ledger technologies to global financial market.
The working group will work on research, design and the engineering needed to improve enterprise-level shared ledger solutions, R3 said in a press release. These improvements will include improved security, reliability, scalability and performance.
A shared ledger allows banks to safely and securely store and share data in a ledger outside the company's firewall where it can be viewed by other financial institutions.
The banks involved are banks including Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, J.P.Morgan, State Street, Royal Bank of Scotland and UBS. Additional banks are expected to join the coalition.