R3 seeks to capture new markets by associating its technology with an English company.
According to data recently offered by the blockchain solutions company R3, a so-called “institutional agreement” with the British company Archax, dedicated to business with digital assets, would have been signed. In this way, both companies seek to strengthen their business and the processes necessary to achieve their objective.
The association will allow Archax to adapt its platform in order to improve the financial records of the different transactions or operations, this including the transfer data of property certificates, as well as the records of the assets that maintain and protect the identity of its owners.
R3 has become one of the main companies that have energized its alliances with other companies around the world, being one of the main competitors for Ripple, which is in an equally dynamic process, seeking to expand.
The alliance between these two companies demonstrates the reach that blockchain technology is having in global financial markets and in traditional companies that are looking for expansion opportunities, using innovative tools.
Archax is a company which still considering digital currencies as an asset that generates distrust and insecurity about its use and adoption. However, it is committed to the implementation of blockchain technology as an effective alternative to current financial problems and as a method of innovating and streamlining the new and different processes that arise within the dynamic commercial changes in the world.
Current Financial Processes and Blockchain Technology
Due to the problems in some current economy, many countries have resorted to the transformation of their income, reaching a financing of their economic processes. This means that the financial sector has taken greater power over the sustenance of its income and expenses in the economies. Now cryptocurrencies are one of the main tools for the growth of countries.
Since this sector has become more involved in global economic processes, financial companies have sought ways to innovate in their ways of doing business. Their idea is to constitute the best financial methods to accelerate negotiations and facilitate transactions, among other things.
It is known that in terms of technology, these traditional companies did not have the necessary tools to face the economic changes that today’s society entails. This can be an opportunity for blockchain technology to find its place in the financial sector, becoming not only an option for economic processes, but also having to be used as a foundation for the entire new global economic system.
Great financial processes between commercialization and bureaucratic affairs represent complex operations that end up costing a lot of time, work and money. It is for this reason that blockchain technology can be the solution for these issues can be resolved in a more practical and simple way.
That includes solutions such as the one of Ripple with its XRP cryptocurrency, which helps facilitate international commercial transactions between financial companies, including governments and traditional companies, so new financial executives have seen this technology as a solution to many problems. It also helps save information during the process.
By María Rodríguez