The China Academy of Information and Communications Technology (CAICT) has joined enterprise software firm R3 to collaborate with its global legal and regulatory community to share best practices regarding blockchain technology and develop solutions on its Corda blockchain platform.
CAICT is a research institute directly under the purview of the Ministry of Industry and Information Technology (MIIT) of China. It provides strong support for the information and communications industry’s major strategies, plans, policies, standards, testing and certification, thus proving itself an important facilitator in the leapfrog development and innovation of the industry.
It joins R3’s global network of more than 300 of the world’s largest financial services firms, technology companies, central banks, regulators, and trade associations building on Corda. R3’s expansive network of regulatory partners demonstrates its commitment to developing blockchain technology in line with existing regulatory frameworks and supporting regulators to engage constructively with the new technology.
Corda is an enterprise-grade blockchain platform that removes costly friction in business transactions by enabling institutions to transact directly using smart contracts, while ensuring the highest levels of privacy and security. R3 recently launched Corda Enterprise, a commercial distribution of Corda specifically optimised to meet the demands of complex institutions.
Corda and Corda Enterprise are the foundation of a vibrant ecosystem of interoperable applications. These apps are built by R3’s partners, harnessing the power of blockchain to overcome the specific challenges faced by their customers.
Kai Wei, Director of Big data and Blockchain at CAICT and the Secretary-General of Trusted Blockchain, comments:
“I’m very happy to witness the cooperation between CAICT and R3 for the establishment of a cooperative partnership. A good industrial foundation of Blockchain technology has been established in China. CAICT plays an important role not only as the think tank of policy and standard making, but also a hub of blockchain technology and application innovation. The Trusted Blockchain Initiatives (TBI), an international alliance led by CAICT, now have 307 members. The close collaboration between CAICT and R3 is beneficial step to innovate the way of building the DLT and Blockchain Industry, and it marks a new era for the development of new cooperative partnership between our two sides.”
David E. Rutter, CEO of R3, comments: “This partnership is testament to the strength and maturity that major research institutes see in the Corda platform. CAICT’s strong presence in China and its support of speeding up the global development and adoption of blockchain across an expanding range of industries makes it an ideal partner for R3 as we aim to unlock new value from business processes.”