It is something of an attention-grabber when someone who builds solutions on distributed ledger technology (DLT) says, “We are not a blockchain company”, however that is exactly how Tim Grant, co-founder and CEO of DrumG, starts our conversation. “We are a company that builds on blockchains; not one blockchain, but the right one – we build ledger appropriate solutions,” he explains. “We would never say ‘our blockchain is better than yours’. What we say is ‘our ability to choose the right blockchain and build on it, is better than yours’ – there’s a significant difference.”
R3 and 22 of its member banks have developed a new international payments solution that leverages distributed ledger technology (DLT).
A protoype of the solution – which is being built on R3’s Corda platform – is due to be released by the end of 2017.
In a release issued today, R3 notes that domestic payment systems have advanced in many countries to the point of providing real-time funds transfer for customers, highlighting by contrast the extremely inefficient, expensive and slow experience businesses encounter with international payments.