R3 and Major Banks Test Blockchain Mobilized By Intel

R3, U.S.-based financial innovation start-up announced that eight banks, including HSBC and State Street, have successfully tested a blockchain platform powered by Intel Corp technology for bond transactions. The program featured advanced smart contract technology that enabled trading, matching, and settlement of U.S. Treasury bonds, as well as automated coupon payments and redemption, R3 said in a statement. Blockchain technology powers the digital currency bitcoin, enabling data sharing across a network of individual computers. It has gained worldwide popularity due to its perceived usefulness in recording and keeping track of assets across practically all businesses.