As part of the partnership, SIA will build a protected network called SIAchain, which will be integrated with R3’s Corda platform to enable SIA customers to run CordDapps – applications designed specifically to meet the needs of institutions across the banking and finance sector. The first CorDapps on SIAchain will be available from the first quarter of 2018.
The main goal is to allow the use of CorDapps through the SIAchain infrastructure to registered members of specific communities. Banks, companies and public administrations have an ever-increasing need to cooperate efficiently in the management of complex processes, reducing times, costs and operating risks.
Corda is an open source, blockchain-inspired distributed ledger technology (DLT) platform built by R3 to enable institutions to transact directly using smart contracts.
SIA designs, creates and manages technology infrastructures and services for Financial Institutions, Central Banks, Corporates and Public Administration bodies, in the areas of payments, cards, network services and capital markets. It provides its services in 46 countries, and also operates through its subsidiaries in Austria, Germany, Romania, Hungary and South Africa. The company also has branches in Belgium and the Netherlands, and representation offices in the UK and Poland.
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