History of R3
David E. Rutter and Todd McDonald founded R3 in 2014 with the belief that direct, digital collaboration is the future for highly regulated industries everywhere.
With R3’s beginnings as a consortium backed by over 60 banks, they knew first-hand that there was a lack of trust in how financial institutions collaborate and transact with each other. They believed that if these organizations were less centralized and more connected through the use of multi-party trust technology, then entire industries could collaborate in ways they never thought possible. With a passion to drive this vision forward, R3 developed Corda—a purpose-built DLT application development platform that has facilitated hundreds of blockchain networks across banking, capital markets, global trade, insurance and beyond.
Building on the success of Corda, the R3 team next launched Conclave, a leading confidential computing platform for developing applications that enable multiple parties to securely share, process and analyze data while in use.
Today, with the support of our diverse ecosystem, our team of regulated markets and technology experts are committed to bringing their best practice and deep know-how to every customer engagement. Because we believe that with each multi-party application built on our next-gen platforms, we move one step closer to direct, digital collaboration.
We made some unexpected bets three and a half years ago. We challenged the idea that a blockchain should send data to all parties, that people would be willing to write their applications in a new untested language, and that you should throw away existing technology. Instead, we made a choice to build Corda on the JVM and we said the world needs a new platform. We did something unexpected by open sourcing Corda. These things that were surprising at the time have paid themselves over many times.
Richard Gendal Brown, Chief Technology Officer, R3