R3 Corda: A Distributed Ledger Technology for Financial Services

Case Solution

Michael R King
Ivey Publishing ()

In December 2016, the founder and CEO of R3 prepared for an external meeting in which his management team would discuss what business model to follow to get the most benefit from the company’s new distributed ledger product, called Draw corda. Founded in 2014, R3 was a blockchain technology company based in New York. R3 led a consortium of more than 100 banks, financial institutions and technology companies to develop distributed ledger technology that meets the needs of the financial services industry. R3 had conducted a series of proofs of concept of existing distributed ledger technologies with its bank members before deciding to build an enterprise-class distributed ledger from scratch. R3 was still privately owned and controlled by the founder, but it had funded its research and development by selling memberships in a joint venture to a consortium of more than 40 banks. With Corda up and running in mid-2016, the founder had to decide which business model to follow in order to monetize the investment in Corda. A second question was how the future growth of R3 can be financed.

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