U.S. startup
MonetaGo has a trade finance anti-fraud blockchain that has been adopted by
SWIFT India and hence is available to all Indian banks. Before rolling out the solution to South American markets, MonetaGo has decided to
move from Hyperledger Fabric to R3’s Corda Enterprise.
Talking to MonetaGo’s CEO Jesse Chenard, it became clear there were multiple reasons for the move. First and foremost he sees significant Corda adoption in the financial sector, so it’s what his clients want. Secondly, he sees technical advantages in Corda in terms of interoperability with other Corda trade finance networks as well as scalability. And more subtly R3 is a pure platform company.
IBM open sourced Fabric, so it became Hyperledger Fabric. Sometimes issues arise when responding to proposals where IBM is also submitting a bid. Chenard is not the first to comment that he’s been asked how his solution differs compared to IBM which is perceived by some as “owning” Fabric. “It’s a big market perception thing,” said Chenard. That’s not an issue with Corda where R3 is seen as symbiotic rather than competitive.
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