Tech giants like Microsoft and Intel using R3 blockchain Corda

Start-up R3 now has more than 50 companies, including the likes of Microsoft and Intel, actively using its blockchain platform.

The financial technology (fintech) company said Monday that dozens of firms are engaging with its open source distributed database network Corda.

Blockchain, one of the fastest growing technologies around, is seeing increasing interest from big tech and financial multinationals alike.

Also known as distributed ledger technology, blockchain allows vast amounts of data to be stored across a network of computers around the world rather than on one local server.

R3 added that, as well as the growth of the number of partners using its Corda platform, more than 100 banks, insurance firms, regulators and trade associations are collaborating with the fintech company as members.