“Blockchain” can be a vague, nebulous term, as guest Tim Swanson points out. For the purposes of our call, Swanson defines the word “Blockchain” as a kind of distributed ledger: a data structure that’s “cryptographically secured,” “tamper resistant,” and “stored in the cloud.”
This, in the broadest terms, is what R3 is building as a consortium. They’ve raised 100 million to create and deploy a distributed ledger for regulated financial institutions. This, so banks can settle their accounts and trade with one another. (The current system is slow and expensive.)
Hit play to learn more about the R3 Consortium, and hear more of Tim Swanson’s insights on fintech.