Markus Tradt, Chief Technology Officer (CTO) for the Blockchain Insurance Industry Initiative (B3i), has been appointed to the Board of Directors of Corda Network Foundation, an open source distributed ledger platform created by tech firm R3.
B3i switched over from Hyperledger Fabric to the Corda platform in June 2018 following a review of open source blockchain technologies.
The appointment of a Board of Directors marks the beginning of a transition period which will move governance of Corda Network from R3 to a separate legal entity.
The Board will be responsible for the overall governing of Corda Network as well as ensuring that the participants in Corda Network will have control over its future, R3 explained.
It will be comprised of senior figures from across financial services and other businesses building on Corda, and will be responsible for acting as the formal decision-making authority for the Network.
“The work to move governance of Corda Network from the enterprise blockchain software firm R3 to a separate legal entity, is a significant move and opportunity for the market to define the future of this platform,” said Tradt.
At B3i, Tradt leads a team of software engineers and architects, and is responsible for defining and delivery the technology strategy.
He was previously responsible for the global blockchain initiative at Munich Re he has been active in the blockchain community since 2015.
In particular, he has extensive experience in the areas of ERP development (SAP) and IT Architecture including the design, build and run of global enterprise IT systems.
In past roles, he had responsibility for IT architecture, system integration, asset management, accounting, regulatory reporting and underwriting systems.
“Personally, I am delighted to be taking forward this initiative as we have been working closely with the Corda team for quite a long time,” Tradt continued.
“The market continues to grow and adapt, this is an important step towards ensuring interoperability across business networks and guaranteeing openness and transparency for its users.”
In total, the Board will comprise of nine independent directors nominated by participants in Corda Network and two existing directors from R3.
This transitional Board will remain in place for one year, after which, steady state elections will commence, and all full participants of Corda Network will be able to vote for and stand for election to the Board of Directors.
Other Board members include: Andrei Ilchenko, Head of IT Wholesale Banking Channels at ING, Europe; Alain Verschueren, Head of Innovation & DLT, Trade Finance Competence Centre at BNP Paribas, Europe; Masayuki Miyashita, Head of Structured Trade Group, Global Trade Finance Department at Sumitomo Mitsui Banking Corporation, Asia; Joshua Kroeker, Director, Blockchain Lead for Global Commercial Banking at HSBC, Asia; Andrew Speers, Director, Product and Innovation at NatWest, Europe; Jordane Rollin, Executive Director & Head, Digital Transformation, Trade Finance Global Products at Standard Chartered, Asia; Edwin Oversteeg, Manager, Organisational Development at Achmea, Europe; and Greg Crow, Global Head of Architecture at AXA XL, Europe.
“Our vision for Corda Network is that it will become an ‘internet of nodes’ for blockchain, enabling global connectivity on Corda,” said David Rutter, CEO and founder of R3.
“Just like the internet, trust in Corda Network’s independence is crucial for its success,” he added. “The appointment of the transitional Board is a vital first step to full independence and I’m confident that Corda Network has been placed in safe hands.”