CryptoBLK Limited (“CryptoBLK”), a DLT system and solution provider, has signed an agreement with R3, the leading enterprise blockchain firm, to gain access to its Corda Enterprise platform.
The deal will allow CryptoBLK to develop and deploy a series of self-developed DLT applications on Corda Enterprise to ensure high levels of performance, security, and stability.
Since 2017, CryptoBLK has built multiple groundbreaking DLT applications on Corda for a variety of industries including banking, real estate, and insurance, enabling transactions to be carried out in a safer, smarter and faster fashion. Among the DLT offerings, the company’s motor insurance authentication system MIDAS, a collaborated effort with the Hong Kong Federation of Insurers (HKFI), has received great support and tremendous positive feedback from HKFI members with motor insurers representing over 75% of written premium having participated in the platform.
Dedicated to providing high quality, secure, reliable and scalable DLT offerings to its customers, CryptoBLK has decided to strengthen the partnership with R3 by upgrading to Corda Enterprise, where the company will be entitled additional features such as the world’s only Blockchain Application Firewall, 24/7 support, dedicated product management and support for industry-standard enterprise databases, taking its DLT capabilities to the next level. R3’s Corda Enterprise platform was specifically designed for business usage, optimised and fine-tuned for the practical reality of many institutions.
CryptoBLK will first upgrade its latest trade finance innovation ATLAS to the Corda Enterprise platform, delivering a more powerful and reliable, faster and smarter trade finance solution in a complex and fragmented trade market with a stubbornly high $1.5 trillion finance gap.
“Selecting Corda Enterprise to underpin our DLT solutions is the latest step in CryptoBLK’s multi-rail strategy, providing customers with unequalled interoperability, flexibility, and reliability to easily adapt and integrate DLT-based platform on their existing platforms, helping them safeguard as well as augment the value of their investments,” said Dr Duncan Wong, CEO of CryptoBLK. “ATLAS is our flagship DLT innovation and we aim to leverage the most mature DLT infrastructure, Corda Enterprise, to fundamentally improve efficiency and security of ATLAS network, and set a new benchmark for the trade finance industry.”
Cathy Minter, Chief Revenue Officer at R3, said: “Having worked with CryptoBLK since 2017, R3 has closely followed the team’s journey in developing highly efficient blockchain solutions worldwide. With access to our Corda Enterprise platform, CryptoBLK will benefit from the level of security and stability which is paramount for enterprise usage. We are proud to be the partner to provide CryptoBLK with such a service and look forward to seeing the team continue to support application of blockchain technology.”
CryptoBLK Limited is a technology company focusing on developing, deploying and operating Blockchain systems, aiming at making global impacts in the financial services industry by delivering software solutions and services based on Distributed Ledger Technology (DLT, a.k.a. Blockchain). Its mission is to unlock new possibilities, improve efficiency and productivity, and simplifying workflow and processes using DLT, that is secure, transparent and trustworthy.
As one of the most prominent world-leading DLT development and deployment teams, CryptoBLK has rich experience in building and operating industry-wide DLT platforms as well as custom-made DLT-based applications for the financial services industry and many other industries. Besides one-stop enterprise-grade Blockchain-based solutions, the team also provides consultancy service on digital asset management and DLT security assessment.
R3 is an enterprise blockchain software firm working with a global ecosystem of more than 300 participants across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise.
R3’s global team of over 200 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its vibrant ecosystem.
The Corda platform is already being used in industries from financial services to healthcare, shipping, insurance and more. It records, manages and executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce. Learn more at www.r3.com and www.corda.net.