In the latest in a series of collaborations with external organizations (such as with IBM Watson, Samsung, and our Thomson Reuters Labs™ – Waterloo Region), we have recently announced a sponsorship and investment in Fluent, a financial technology startup that offers a cloud-based financial transaction network.
Fluent enables real-time, low-cost, simple and secure invoicing and payments along global supply chains via blockchain technology.
The use of blockchain technology and bitcoin, or digital currency for financial transactions online, is relatively new. Bitcoin provides real-time, instant payment in the cloud versus the traditional transaction payment methods through banks or other institutions that can take up to three days.
Bitcoin uses cryptography to provide a virtual, secure payment method that bypasses central authorities like banks and international borders. Blockchain technology is the virtual “ledger” that manages bitcoin transfers, providing faster and more secure payments over the cloud. While there’s some debate around its use, many businesses and companies are exploring the use of digital currency and blockchain technology.
This partnership with Fluent bolsters our efforts to explore the potential of bitcoin and blockchain technology for our products and customers. Scott Manuel, head of Product Management & Delivery, Advanced Product Innovation, tells us more in a quick Q&A:
Q: Why did we partner with Fluent?
A: Fluent is an early-stage start-up that is disrupting and automating B2B payment workflows, asset verification, financial wires, and the settlement process using blockchain as a ledger and payment protocol. They have a team of blockchain experts and core technology that could be applied to use cases across Thomson Reuters.
Q: What does this mean for our enterprise?
A: We have been working with the businesses to educate, collaborate, and develop use cases where blockchain technology could make a significant impact for our products and customers. Our customers are coming to us to explore potential blockchain innovations. The Fluent partnership increases our information flow in this rapidly developing area and provides us an outlet to collaborate on proof of concepts and prototypes.
Q: What’s next for blockchain tech and Thomson Reuters?
A: We will be delivering a couple of early proof of concepts to test the effectiveness of blockchain on Thomson Reuters use cases. We are in the game to be a leader and trusted advisor to our customers about blockchain and develop real applications as this technology matures.
Visit Innovation @ ThomsonReuters.com to learn more about how we are pairing technology with human expertise.