The cryptocurrency industry has made it a point to continue pushing out products that would ensure its integration with the mainstream financial ecosystem. This fact was evidenced during the recently concluded Securities and Exchange Commission [SEC] Fintech forum when Todd McDonald, the Co-Founder and Head of Partnerships at R3, spoke about the upcoming developments in the smart contracts and derivatives market.

McDonald stated that R3 was working with an industry initiative of a common domain model that aimed to create a more functional ecosystem. In his words:

“There has been work going on around derivatives in the industry and it was also discussed in a recent conclave where both IBM and R3 took part. One of the other challenges for any implementation is coming to a standard representation of a derivative contract or a smart contract. We can also create an interest-based contract.”

According to the R3 co-founder, blockchain technology worked perfectly for various aspects of the cryptocurrency industry. He added:

“I remember the first time getting my head around how blockchains could work it was a perfect fit for Derivative contract, for smart contract especially.”

McDonald was also of the opinion that the aspect of multilateral transactions, which R3’s Corda focuses on, was suited for blockchain technology. He claimed that once a user completed a trade that was structured, then the golden copy of the transaction could be created on the blockchain. He defined the success of the technology as a measure of how close to the point of execution could the company create the golden source of transactions.

The SEC’s Fintech Forum was held at its headquarters in Washington DC, with multiple agendas and panelists. It was hosted by the SEC’s Strategi Hub for Innovation and Financial Technology with agendas such as Capital Formation Considerations, Trading, and Market considerations and Distributed Ledger Technology Innovations.

Ripple’s partner R3 was also in the news when the company tied up with CULedger to improve the payments realm for credit unions and financial cooperatives. The company’s official release said:

“This will allow credit unions using CULedger’s network to choose from a variety of near-instant, secure and affordable domestic and cross-border payment options to meet theirs and their members’ needs.”

The post SEC FinTech Forum: R3 co-founder bets on blockchain to improve smart contracts, derivatives market appeared first on AMBCrypto.

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