Finland-based Tieto Oyj, one of Europe’s largest IT companies, said on Tuesday it has joined forces with blockchain software developer R3 to speed up the adoption of R3’s Corda-based decentralized business networks and applications. Under the deal, Tieto will use the Corda features for its various projects related to financial services, supply chain, and public sector among others.
Earlier this year, Tieto worked with its customers to create what it claims to be the world’s first decentralized business network. The latter allows the establishment of limited liability companies in a fully digital manner. The project relied on two reputable blockchain solutions – Corda and Hyperledger Indy. Corda was used for its contract-oriented structure while Hyperledger Indy was the technology behind the Sovrin identity network, which runs a decentralized ID platform for exchanging data and was used in Tieto’s project.
“By combining both Corda and Hyperledger Indy, we now have the ability to build highly scalable global business networks to serve vast numbers of industry use cases involving record keeping, asset trading, multi-party process management and decentralized contract signing,” Markus Hautala, who leads Tieto’s Blockchain Solutions, commented. “Through partnering with R3, we’re continuing on our mission to build smart societies where transactions between parties are trusted, fully digital and automated.”
Corda is R3’s flagship product. The blockchain platform is aimed to reduce costs in business transactions by leveraging smart contracts while maintaining a high degree of security and privacy. R3 presented a new version of Corda in October 2017. The startup, which manages one of the largest blockchain consortiums in the world, launched in July a commercial version of its Corda platform aimed at enterprises.
“Decentralised business networks are the future of transaction technology and Corda’s unique design enables interoperability between these networks, avoiding the stranded assets and silos of the past. We look forward to working with Tieto on projects across a range of sectors and continuing to drive widespread adoption of blockchain,” R3 CEO David E. Rutter said.