NEW YORK (Reuters) - R3 CEV, a New York-based company that runs a consortium of banks, has released a new version of its blockchain platform that it hopes will make it easier for financial firms to use the nascent technology.

The new version of the company’s platform called Corda includes a feature that will make it easier for computer developers building applications with the technology to incorporate future upgrades and updates, R3 said on Tuesday.

Blockchain, which first emerged as the system underpinning cryptocurrency bitcoin, is a shared record of transactions updated by computers rather than a centralized authority.

Banks and other financial institutions have been investing in the technology for the past few years in the hope that it can be used to automate some of their back office processes such as securities settlement and regulatory reporting.

To accelerate development many have joined consortia or collaborative efforts.

Launched in 2015, R3 is the largest financial consortium focused on blockchain globally. Its members include more than 100 banks, regulators, trade associations and professional services firms.<snip>