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Tieto and R3 partner to accelerate adoption of decentralised business networks through open source blockchain platform

11 September 2018

Tieto, a leading Nordic software and services company and R3, an enterprise blockchain software firm have partnered to accelerate the adoption of next generation decentralised business networks built on Corda, R3’s open source blockchain platform. As an R3 partner Tieto will use Corda in various ecosystem projects within financial services, public sector, supply chain, and more.

Tieto, a leading Nordic software and services company and R3, an enterprise blockchain software firm have partnered to accelerate the adoption of next generation decentralised business networks built on Corda, R3’s open source blockchain platform. As an R3 partner Tieto will use Corda in various ecosystem projects within financial services, public sector, supply chain, and more.

Corda is a blockchain platform that removes costly friction in business transactions by enabling organisations to transact directly using smart contracts, while ensuring the highest levels of privacy and security. By partnering with R3, Tieto ensures that its customers are in the forefront in adopting this technology and can benefit from the disruptive new business opportunities that it provides.

Earlier during 2018, Tieto, in co-operation with its customers, created the world’s first decentralized business network that enables the full digital establishment of limited liability companies. This project combined for the first time two major blockchain platforms as a practical implementation. Corda’s process and contract-centric architecture formed the backbone of the network between the different actors, while Hyperledger Indy - the basis for the global Sovrin identity network - provided a decentralised identity platform for exchanging verifiable data.

- “By combining both Corda and Hyperledger Indy, we now have the ability to build highly scalable global business networks to serve vast numbers of industry use cases involving record keeping, asset trading, multi-party process management and decentralized contract signing. Through partnering with R3, we’re continuing on our mission to build smart societies where transactions between parties are trusted, fully digital and automated.”, says Markus Hautala, Head of Blockchain Solutions at Tieto.

Earlier in the year, Tieto partnered with Evernym – also an R3 partner – to provide services based on Sovrin network. By partnering with R3, Tieto strengthens its unique capability to provide decentralized enterprise applications to its customers.

- “Decentralised business networks are the future of transaction technology and Corda’s unique design enables interoperability between these networks, avoiding the stranded assets and silos of the past. We look forward to working with Tieto on projects across a range of sectors and continuing to drive widespread adoption of blockchain.”, said David E. Rutter, CEO at R3.

For additional information, please contact:

Tieto:
Markus Hautala, Head of Blockchain Solutions, Tieto, phone: +358-40-182 4299, e-mail: markus.hautala@tieto.com

R3:
Nick Murray-Leslie, Chatsworth Communications, phone: +44 (0)207 440 9780, e-mail: contact@chatsworthcommunications.com
Charley Cooper, R3, phone: +1 929 329 1550, e-mail: charley@r3.com

About Tieto
Tieto aims to capture the significant opportunities of the data-driven world and turn them into lifelong value for people, business and society. We aim to be customer´s first choice for business renewal by combining our software and services capabilities with a strong drive for co-innovation and ecosystems. www.tieto.com

About R3
R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 200 members and partners across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage.

R3’s global team of over 180 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base. R3 is backed by investment of over USD 120 million from more than 45 firms.

The Corda platform is already being used in industries from financial services to healthcare, shipping, insurance and more. It records, manages and executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce. www.r3.com

Link to relevant material https://www.tieto.com/news/blockchain-technologies-enable-new-businesses-to-have-a-fully-digital-identity

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