The R3CEV consortium have released their bespoke solution for banks called Corda. R3 strenuously deny that the product is a blockchain highlighting the ability for participants to choose what is stored in a decentralised encrypted manner. R3's CTO, Richard Brown, said:
"We are not building a blockchain. Unlike other designs in this space, our starting point is individual agreements between firms... We reject the notion that all data should be copied to all participants, even if it is encrypted."
