The two firms have already started work on a project, along with Blockchain Digital, for Her Majesty’s Land Registry of United Kingdom(HMLR) where they are using distributed ledger technology to simplify the process of buying, selling and conveyancing land, which involves multiple parties on both sides.
Pandurang Kamat, chief technologist and associate CTO, Persistent Systems said that the company had been using the Corda platform over the last few years. “This partnership would open up a new set of opportunities for the two companies. They (HMLR) want to build a bigger ecosystem down the line to see how other value propositions can be integrated into this beyond the current workflow.”
Mike Ward, product head at R3 said that the company started out as a consortium of banks and is now working with other industries as well. “The best use is when blockchain connects companies, and we have a history there so we are looking at how to bring organisations together. It’s in the benefit of competitors to see how they can work together in a trusted manner.”
Given that blockchain is an emerging technology, R3 is holding bootcamps with partners in different countries to train developers on its platform. “We are also hiring a small team in Mumbai to work with partners and developers. They will focus on the local market as well as facilitate Indian organisations in the global market,” said Ward.
The companies are looking at bringing together Persistent’s history in product engineering and global customer reach and R3’s platform and experience in successfully bringing together consortiums to be able to bid for projects across industry segments.
Kamat added that they would be looking at undertaking projects using DLT for the government, both in India and outside, a segment where there has been very active interest in the technology. “We are definitely interested in this area. We’ve already done work for the government in other technology areas at the state and central level, so tis a natural fit to start looking at some of these cases,” said Kamat.