An emotional week comes to an end in the US. This will be a thinkpiece-free zone save for one article written and posted by Ben Thompson back in March (but still very relevant today). I did a media detox (hence the late posting) and took a hike instead (literally).
On to this week's links.
Another busy week here at R3. First up, we announced our partnership with the Monetary Authority of Singapore for the launch of R3's first physical lab. We have been working with MAS on this concept for some time and they have already proven to be great partners. I am beyond excited for this collaboration, especially since it increases my chances of enjoying real nasi lemak again soon. This announcement comes on the eve of the Singapore Fintech Festival, which will feature both Tim Grant and David Rutter. David's remarks at this week's Risk USA event were featured in this article: "When I sit here today versus a year ago, this is no longer ‘if' or ‘will' this happen. I don't think there any doubt that we're going to see these distributed ledger technologies change how transactions are processed globally."
Later in the week we announced the successful work to represent identity data on our shared ledger system Corda in collaboration with 13 member banks. This work showed how smart contracts could be used in the collection of relevant KYC data for both legal and natural persons, with the key twist being that the data remains in the control of the entity or person themselves. Another example of DLT helping to push power to the 'edges' of the system, with the various smart contract pieces then being able to represent a completely new (and potentially much less costly) way to conduct KYC and onboard clients. You can also reference this identity overview post for a different perspective, and R3's Ian Grigg will be following up in the coming weeks with more on the R3 perspective to identity with (hopefully!) a series of posts.
Another week, another Gendal post (I told you he was back to the land of the blogging!). This is a short post titled On Distributed Databases and Distributed Ledgers:
Nodes of a distributed database trust each other and collaborate with each other to present a consistent, secure face to the rest of the world. By contrast, Corda nodes can not trust each other and so must independently verify data they receive from each other and only share data they are happy to be broadly shared.
And so we call Corda a distributed ledger, to distinguish it from distributed databases. A distributed ledger that is designed painstakingly for the needs of commercial entities.
The Week in Links
Digital Asset paper to the Hyperledger project on The Global Synchronization Log (with Corda shout out)
FCA announces participants in their regulatory sandbox: Meet the 18 companies joining the FCA's regulatory sandbox