IPC Systems is an American Trading Technology service provider dealing in trading turrets. Trading turrets are nothing but communication system used by financial traders. The development came to light on December 3, through a press release by the company.
IPC System through the new partnership allows the R3’s Corda blockchain network on its Connexus platform. The IPC system’s connexus platform is a cloud-based financial market platform which hosts data, voice, business communications and compliance. Some of the products of connexus cloud platform include financial industry firms, liquidity revenues, energy firms, market data, and clearing companies.
What would be the role of R3’s corda blockchain network?
The Corda blockchain network uses smart contracts which are directly dependent on the price or volatility of the market. IPC aims to provide these smart contracts with market capital data to bring in more authenticity to the smart contracts.
The IPC’s Product Management Director, Robert Coole is of the firm belief that the financial industry would become the flag bearer of the blockchain technology. The industry has shown continuous support and faith by investing in new emerging technologies.
Corda is also responsible for completion of Know your company (KYC) for 26 French companies and five major banks on its corda blockchain platform. The benefit of the blockchain based KYC is that all the data is saved on the blockchain, where a bank or a company can request for the data from the users, and the users have the sole right to authenticate or deny any such requests.
Corda has established itself as the entrepreneur level blockchain solution. It has developed specific tools and middlewares which can be implemented by small or big level institutions to streamline their work on the blockchain. Corda also promises to provide security solutions, adaptability and admin control over the network, making it one of the most exceptional entrepreneur level blockchain solution, provider.