Launched in September 2015, enterprise software firm R3 has been working for two years in close collaboration with over 100 banks, financial institutions, regulators, trade associations, professional services firms and technology companies to develop Corda distributed ledger platform designed specifically for financial services.
Today, R3 has officially announced its launching of platform’s new version Corda 1.0 signalling a major milestone for the development and implementation of platform’s applications, known as CorDapps. Corda v1.0 follows the open source release of the platform in late 2016.
With the launching of Corda 1.0, the platform achieved API stability for the first time ever, which means that now the developers can build apps upon the platform and continue its upgrding without changing the core API.
Richard Gendal Brown, CTO of R3, stated:
“This is a significant moment for the evolution of distributed ledger technology. Most other platform providers don’t commit to this. Their early adopters risk being trapped in evolutionary dead ends as the platform evolves in incompatible ways. With Corda v1.0 we are protecting CorDapp developers from this fate – this is the firing of the “starting gun” for real development and deployments to start in earnest.”
David E. Rutter, CEO of R3, commented:
“Corda is the most inclusive, open platform in the marketplace, and the launch of v1.0 signals to our rapidly growing ecosystem of partners that they can build on the platform with complete confidence. Time and budget can be invested in learning about, prototyping with and implementing Corda to realise both theirs and their clients’ business vision for DLT. The road to commercial deployment starts here.”
As in words of its founders, Corda is “the world’s only distributed ledger platform designed and built from the ground up to record, manage and synchronise contracts and other shared data between trading partners”. Similar to blockchain-based platforms, Corda removes costly friction in business transactions and allows institutions to transact directly using smart contracts guaranteeing high levels of privacy and security.
According to the R3’s official blog, Corda gives the solutions to the main intractable problems in commerce that come from the huge multiplicity of data systems and lets business owners move as fast as they need in today’s world.
Corda deals with such bugs as duplication and inconsistency of payment systems which transact money with delays and in an inefficient way. With Corda, banks can settle their obligations to each other at any time they need and with the highest level of liquidity.
Solving the problem expensive supply chains and international trade, with the help of Corda, innovative software firm TradeIX and multiple major banks are developing a platform for automating the pre- and post-shipment financing for buyers and sellers around the globe on an open account basis. Corda also allows firms to transact commercial paper deals directly without overpaying an agent or clearing system.
Being designed for commercing without friction, Corda 1.0 opens the world’s developer community an access to an open-source platform with a solid foundation.