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R3CEV Tests “Proof of Concept” Private Blockchain with 11 Partner Banks

Summary: R3CEV, or simply R3, is the big-bank funded startup that is working to research and create blockchain products for use in banking. They currently have support from 42 banks around the world.

The consortium has announced today that they have completed a proof of concept test involving 11 banking partners, including Barclays, Credit Suisse, and Wells Fargo.

The test involved a customized version of Ethereum and was hosted on Microsoft’s Azure “blockchain as a service” cloud platform.

Although almost no other details about the test were provided, R3 said it was only one of the potential solutions they are investigating and that this test went well.

Article Source: Finextra, CoinDesk | Image Source: CoinDesk