Why Hewlett Packard Enterprise Partnered with R3
HPE creates proof of concept for DLT technology
In June 2017, Hewlett Packard Enterprise (HPE) announced its partnership with R3. The two firms aim to bring the Corda DLT (Distributed Ledger Technology) platform (also known as blockchain technology) to HPE’s Mission Critical systems. HPE has reportedly created proof of concept in collaboration with HPE Mission Critical Systems, HPE Labs, and R3. HPE has demonstrated the R3 Corda running on its “Integrity NonStop Platform” as the company wants to enhance reliability and scalability for enterprise demand.
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HPE’s Global Financial Services & Insurance Industry executive Markus Ogurek stated, “HPE is excited to be adding DLT to its long history of innovation, so we can help customers meet the challenges they face as they grow and thrive.” Over the next few years, HPE wants to use the DLT technology in areas such as payments and identity management.
R3 secured $107 million in Series A funding
In May 2017, R3 announced that it secured $107 million in Series A funding, which is the largest investment for a DLT technology firm. R3 had stated that the funds would be used to expand strategic partnerships and accelerate technology development with a continued focus on Corda, which is R3’s blockchain platform. R3’s CEO stated that several financial firms—including Northern Trust (NTRS), BNP Paribas, Citi (C), and Credit Suisse—participated in the Series A funding round.
R3 stated that, in addition to capital support from these firms, it would develop industry-leading solutions in the financial services infrastructure space. Over the last two years, R3 has launched an open-source DLT platform catering to wholesale financial markets. It currently has a network of over 80 members and is now looking to build a “new operating system” for financial services.