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Start-up R3 has more than 60 firms using its blockchain platform, including Microsoft and Intel

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2 minutes ago, QWE said:

This should not have much effect on Ripple – as I understand R3 offers Permissioned Private Ledger solutions and in many cases, they actually promote that the customer does not need blockchain solution at all. It is a completely different concept from what Ripple is trying to do, so they do not directly compete to one another (someone correct me if I’m wrong here, I know it's not that simple and needs further explenation). See picture in attachement from one of R3 presentations.

Spot on.  Very few people seem to realize this.

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@QWE is correct.  Corda is meant to be yet another "banking island" solution.  Also, it's not a direct competitor for Ripple technology - it's a smart contracts platform without a digital asset.  The language that R3 is using in their quotes... it's almost like they're trying to make the same claims Ripple is when it comes to bank adoption.

Here's what I have a tough time believing (I could be wrong).  Corda was just released recently.  And banks are going to jump on unproven software and start using it for smart contracts in production?  I'm impressed - this certainly sounds implausible, but I guess if it's true, its true.  I will note that the language used to describe Corda's usage is inconsistent in the article:

Quote

"The financial technology (fintech) company said Monday that dozens of firms are engaging with its open source distributed database network Corda. Blockchain, one of the fastest growing technologies around, is seeing increasing interest from big tech and financial multinationals alike."

So are the firms "engaging" (i.e. fancy word for "doing POCs) or are they "using it in production?" 

Edited by Hodor

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17 minutes ago, Hodor said:

So are the firms "engaging" (i.e. fancy word for "doing POCs) or are they "using it in production?" 

Exactly. There's a huge difference between being interested in something and actually implementing it. Also, what are they actually using it for?

 

I don’t quite understand what Permission Private Ledger’s advantage over traditional database is, and quite frankly, I think R3 tries to emphasize just that. You do not need a blockchain for every use case. I can see a very limited added value in an “intranet blockchain”, but if that is what it takes for large companies to start trusting blockchains in general, so be it. I bet there was the same thinking when companies started introducing internet to their business models, but were at first afraid of the new technology, so they used intranet for faster data flow within the company. That did not last very long, did it?

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