R3 Banks Trial Blockchain Identity Registry

Ten global banks have tested a distributed ledger-based know-your-customer registry through the R3 blockchain consortium.

AccessTimeIconNov 11, 2016 at 3:17 p.m. UTC
Updated Sep 11, 2021 at 12:36 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Ten global banks have tested a distributed ledger-based know-your-customer registry through the R3 blockchain consortium.

BBVA, CIBC, ING, Intesa Sanpaolo, Natixis, Nordea, Northern Trust, Société Générale, UBS and US Bank took part in the three-month initiative, R3 said earlier this week. The registry enabled the banks involved to create and manage digital identities within a shared system, providing a mechanism for adhering to KYC regulations in the finance space.

The startup said of the test:

“The project simulated establishing the identity of both a legal entity and an individual using KYC data and identity attestations by third-parties.”

News of the trial comes days after R3 kicked off a new research outfit in partnership with the Monetary Authority of Singapore, the city-state’s central bank. That effort is aimed at creating a test environment for blockchain applications, as well as a hub for financial institutions in the region looking to explore the tech.

The past two months have seen consortium members conduct trials using distributed ledger startup Ripple’s digital asset, XRP, as well as a platform developed by tech giant Intel. Earlier this month, announced that Dutch bank ABN Amro would join its ranks.

Image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.