Charley Cooper
Charley Cooper

Leveraging the network effect

Many banks have joined the consortium around R3’s initiative to design and deliver advanced distributed-ledger technologies to global financial markets. Charley Cooper, managing director, R3, spoke to William Essex about the way forward.

First Published: e-Forex Magazine 63 / CryptoCurrencies / January, 2016

William Essex: How many shared ledgers are we likely to need? Is the long-term vision for a single shared ledger across the industry? Charley Cooper: As few as possible. The potential benefits of distributed ledger technology grow exponentially as the number of such ledgers decreases. Their power comes in large part from the network effect: the more market participants that use the same shared ledger, the more effective and efficient the solution becomes. We hope to move as close as possible towards one global ledger.  Global financial markets have to be secure and scalableWE: You have a lot of banks signed up now. I wonder if you’re evolving new ways of sharing and/or co-operating between banks, alongside potential new solutions? Is there a cultural angle to innovation?  CC: We believe the R3 distributed ledger initiative is the largest such consortium ever assembled, and as part of that effort, our members work together across technology, product development, legal...continued

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