According to Bloomberg, the enterprise blockchain software firm R3, who is currently working with over 200 large international companies including Microsoft, Wells Fargo & Co, Intel, and US Bancorp, is considering an initial public offering (IPO).

According to an anonymous source, the blockchain software company is currently in discussion with their advisors about going public, however, no final decision has been made at this point. The source also mentioned to Bloomberg that the company has been approached by external buyers.

Whatever direction R3 decides to go could have significant implications for a variety of industries including finance, insurance, and autos.

David Rutter, R3’s founder and Chief Executive Officer, along with R3’s investors—Bank of America and Intel among them—will decide the company’s future ownership and their future course. While R3 does not yet have a clear plan, the company did provide a brief statement:

“We’re not surprised about the speculation given the success of Corda [R3’s open-source blockchain platform], but an IPO is not a path we’re pursuing at this time. Our mission from the start was to deliver a blockchain solution for the widest possible business community, and any decision we make will have that goal in mind.”

While R3 is not looking towards an IPO at this moment in time, Bloomberg believes that the new owners will have a significant say on how R3 develops in the future.

In a recent Deloitte survey, 74 percent of  respondents reported that “their organizations see a ‘compelling business case’ for the use of blockchain”, and about 41 percent expect their organizations to deploy blockchain technology within the next 12 months.

There is therefore significant demand for an enterprise blockchain software system.

R3’s solution, a software platform called Corda, is currently being used in a variety of industries—from financial services to healthcare, logistics, shipping, and insurance. While R3 does not speak much about profitability, officials mentioned to Bloomberg that the company is receiving “significant revenue.”

According to a recent press release, R3 has also launched a new version of the Corda platform called Corda Enterprise. Corda Enterprise is unique because it allows companies to select “a version of Corda that fits their unique needs – regardless of their industry, size, and stage of development.”

Corda Enterprise’s primary selling point is its Blockchain Application Firewall. This firewall enables the platform to be deployed within corporate data centers while maintaining the ability to communicate securely with other nodes located anywhere in the world. The platform is optimized for real-world corporate IT environments, it’s compatible and interoperable among other applications and services, and can seamlessly integrate with industry-standard enterprise databases like Oracle and SQL Server databases.

“With the launch of Corda Enterprise, we can now deliver the security, privacy, and reliability features that customers and regulators expect from financial institutions,” said Ivar Wiersma, the Head of Innovation at ING Wholesale Banking. “It enables us to realize the potential of distributed applications in enterprise-grade IT production environments. This is a massive step towards unlocking the full potential of Distributed Ledger Technology.”

The post Blockchain Software Firm R3 Considers Going Public, Announces New Platform for Businesses appeared first on UNHASHED.

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