Thomson Reuters (NYSE:TRI) has enlisted its services to help advance the use of blockchain technology in the financial services industry – the group’s latest initiative will see it join a composite of leading financial institutions that are already working to utilize the technology that helps underpin Bitcoin into financial markets, according to a Reuters report.
The use of blockchain technology is hardly a novel concept, however its use, scope, and affinity has grown in recent months, buoyed by the support of several leading venues. The addition of Thomson Reuters to this panel of companies is also huge, namely as it will constitute the first major data and technology provider to join the consortium, which presently stands at over fifty-five banks and other financial institutions.
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R3 is a blockchain technology company that helps lead a consortium of financial companies in research and development of blockchain usage in the financial system. The group is headquartered in New York City and was originally launched in 2014 by David Rutter. The consortium has its roots in 2015, which made the adoption of blockchain technology its primary goal.
The advent of blockchain technology could revolutionize markets, given its unique potential to foster a shared database in a transparent manner. With even more backing from high profile companies, the group has made sizable leaps and bounds in recent months.