R3 started as an alliance of nine financial institutions in 2015 committed to delivering the next generation of blockchain technology, and has evolved into a network of over 200 financial institutions, buy-sides, insurance companies, tech companies, software firms, central banks, regulators and exchanges on six continents.   www.r3.com/about
Currently the commodities industry works on island systems disconnected from each other. The bridge between these systems is paper documents. This leads to significant inefficiencies as well as fraud and compliance risk.
The R3 initiative, through its Corda enterprise blockchain solution, can significantly improve the situation by building trust between parties and allowing the interoperability of remote systems, while keeping data private. This allows trade counterparties to connect and transfer assets across previously disconnected platforms.
At TradeCloud we start at the beginning of the process: where trade counterparties meet, negotiate and conclude deals. By writing such contracts onto the blockchain, TradeCloud can enable third parties to interact across the lifecycle of the deal up to the final settlement.