Consortium startup R3 has filed two patent applications detailing its work on applying distributed ledger tech to "dynamic" agreements between financial institutions.
Using the system, only authorized parties can make changes to those agreements – provided the other involved parties sign off on them – while the platform's underlying tech records and maintains the status of those agreements.
Possible applications for the technology include financial transactions such as cash exchanges and derivatives contracts, as well as more office-focused uses like work rosters and supply schedules, according to the filings.
In describing the application, R3 writes that the developments in applied cryptography and distributed ledgers have presented "the possibility of authoritative systems of record that are securely shared between firms."
The company goes on to say:
R3 announced in August 2016 that it was seeking patents related to its work, constituting what co-founder Todd McDonald described as a "total reimagining of the back office."
Contract image via Shutterstock
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