The 1st BSN Global Tech-Innovation Summit | David Rutter: How Does Corda Support Banking Business Full Script

On November 27, 2020, David Rutter, CEO of R3, delivered a keynote titled How Does Corda Support Banking Business, at the 1st BSN Global Tech-Innovation Summit in Wuhan, Hubei Province.

The full script is organized as follows (some minor edits were done):

Good morning. I’m David Rutter, CEO of enterprise software firm R3. It gives me great pleasure to be here today at this very first BSN summit co-organized by the State Information Center, National Development and Reform Commission Hubei, BSN, and China Mobile Hubei.

I’d like to take this opportunity to congratulate BSN on achieving so much in such a short time, and especially on the official opening of their new innovation center in Hubei. R3 is looking forward to further collaborating with BSN in China to offer our technologies to customers who have the highest standards when it comes to enterprise-grade software.

I’m glad to be speaking here today alongside many esteemed speakers who are not only highly qualified in their respective fields but also share one great thing in common. We all believe in the power of blockchain technology, and its potential and value in terms of reducing business friction, reducing operation and management costs, as well as opening new business opportunities for all.

With President Xi Jinping reiterating the importance of blockchain technology in 2019, there has been a rapid movement for the government and corporates in China to start and accelerate their blockchain journey. There are enormous opportunities for industry participants, like BSN and us here at R3 in China. And I would like to take this opportunity to tell you more about our company and our enterprise blockchain platform Corda.

So, a little intro to R3. Working alongside the world’s leading financial institutions, R3 made a conscious decision in 2015 to leverage blockchain technology to solve real business problems in both complex and highly regulated markets.

We recognized that there wasn’t a blockchain platform that could solve them at the time. So we built one from the ground up, and it, of course, is called Corda. In a world of permissionless blockchain platforms, in which all data is shared by all parties, Corda’s unique privacy model allows businesses to transact securely and seamlessly while reducing transaction and record-keeping costs and streamlining business operations. Corda is fit for business and commercial use. And it is the preferred distributed ledger platform for financial institutions. It of course did not begin as a cypherpunk project, or as a cryptocurrency ICO.

Importantly from the start. We’ve appreciated how we needed to have a government relations group. Since our launch. We’ve had a deep involvement with government regulators, central banks, policy-makers, and policy ­influencers from around the world through our government relations team here at R3.

Through this engagement, we came to understand not just the policy considerations of the public sector, but also their pain points. And because of that, Corda has a strong industry endorsement. It was in fact the only platform deemed acceptable by leading security standards agencies, such as the National Institute of Standards and Technology.

At R3, from the start, we understood the power of the network. We were firm believers that blockchain benefits are best realized with a network effect, where industry participants, come together to solve problems. We lead the largest blockchain application and project ecosystem in the world, compromising hundreds of firms building applications on Corda, as well as institutions, collectively exploring blockchain and embracing this technology to solve real-world problems.

One of the best examples of how blockchain technology can enable an entire industry to come together to solve a shared problem is the Spunta project. Spunta is backed by the Italian Banking Association, which is operated by SIA, and was built by NTT DATA on Corda Enterprise, and is designed to tackle interbank reconciliation. Right now, there are 100 banks in production, representing over 90% of the Italian banking system. They have processed over 200 million transactions since launch. And believe it or not, these volumes are achieved by an application that processes the data for just one hour a night, dramatically reducing the time and the cost of the reconciliation process. This past year, we’ve made significant improvements to the Corda platform to enable faster and more resilient deployments of nodes networks and applications.

We’ve also announced a few new endeavors. The first being the acquisition of eTitle. A Singapore based software developer and legal and technological framework for the digitization of Bills of Lading. The central title document underpinning trade operations globally. The acquired framework will be used in 2021 to roll out an electronic Bill of Lading a solution powered by Corda. The new eBill toolkit natively built on Corda, will enable significant operational optimization opportunities for R3 clients in trade, and the trade finance industry.

Separately and additionally, we are developing an exciting new confidential computing platform called Conclave. Conclave gives businesses, an amazing new power. It lets you control, not only with whom you’re sharing your data, but also control what they can do with it. Conclave is paving the way for a new generation of trusted and shared data services that unlock greater business value than ever before, and this is referred to as confidential computing.

In conclusion, I would like to thank you each very much for having me speak today at this very important event. Given the massive size of the Chinese economy, and China’s impressive track record and adopting new technologies. We at R3 are very keen to further develop our business there. Together with BSN I am confident that we can achieve our goal in a much shorter time, and with greater overall success.

I wish you all the best of health and good fortune in your business in the new year.

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The BSN is a cross-cloud, cross-portal, cross-framework global infrastructure network used to deploy and operate all types of blockchain DApps.