Barclays’ team demonstrates application using R3’s Corda distributed ledger platform

Yesterday saw 11 teams showcase their innovative tech proposals at a Demo Day concluding the third London cohort of the Barclays Accelerator, the program which seeks to bolster fintech start-ups.

This time, the Barclays Accelerator also included an internal Barclays PLC (LON:BARC) team, Smart Contract Templates. The Barclays internal team produced a blockchain-inspired prototype that combines legal agreements with business logic to create financial trades that run as smart contracts.

Barclays “Smart Contract Templates” prototype is the first public demonstration of an application using the R3 consortium’s Corda distributed ledger platform. Barclays will keep developing this technology and says it looks forward to further collaborations in this space.

Some companies have announced that they are currently exploring opportunities with Barclays. For example, DigiSeq is working with Barclaycard to further transform consumer wearable products to help expand the B-Pay account further on non-Barclaycard branded products. This will provide users the ability to pay with their Barclaycard credit card on any compatible wearable or future payment device.

Michael Harte, Barclays Chief Operations & Technology Officer, said:

“Our Accelerator creates value from rapid experimentation and long term partnerships, designed to scale early prototypes and create new business models, products and services. We look forward to continuing to work with this talented cohort in order to drive new value and change both within Barclays, and the financial services industry as a whole.”

You can view the full announcement from Barclays by clicking here.

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