News Technology Media Telecoms

Tieto partners with enterprise blockchain firm R3

partnership handshake

Tieto, a Nordic software and services firm, has partnered with R3 to help accelerate the adoption of decentralized business networks on R3’s DLT platform, Corda.

This means that Tieto will use Corda in its financial services, public sector, supply chain, and other projects.

R3’s Corda is one of the leading enterprise DLT platforms. Corda has enhanced privacy and confidentiality features which in recent months has resulted in firms like RiskBlock and B3i switching.

Tieto already has experience in blockchain technology. Earlier in 2018, they created a decentralized business network which enabled the incorporation of companies in an entirely digital manner. Here Tieto had their first experience of Corda, using it together with Hyperledger Indy, another blockchain platform.

While Hyperledger Indy – and the Sovrin Network on which it’s based – provided the means to exchange verifiable identity data, Corda’s smart contracts supplied the spine of the project.

This represented the first time two major blockchain platforms combined for practical implementation. And no doubt its success helped Tieto to its decision.

“By combining both Corda and Hyperledger Indy, we now have the ability to build highly scalable global business networks to serve vast numbers of industry use cases involving record keeping, asset trading, multi-party process management, and decentralized contract signing,” said Markus Hautala, Head of Blockchain Solutions at Tieto.

“Decentralised business networks are the future of transaction technology and Corda’s unique design enables interoperability between these networks, avoiding the stranded assets and silos of the past. We look forward to working with Tieto on projects across a range of sectors and continuing to drive widespread adoption of blockchain.”, added David Rutter, CEO at R3.

This week R3 is running it’s Corda Con event hence there will likely be further announcements.