By
Mayowa Adebajo
March 12th, 2024
With the introduction of the commercial version of Corda, R3 makes it easier for businesses to reap the benefits of blockchain technology.
At the forefront of blockchain enthusiasts commited to a highly transparent and secure business environment, R3 is an innovative software firm focused on building and empowering the next generation of global financial services technology. Being founded in 2017, it now leads a consortium of 45 financial companies in research and development of blockchain usage in the financial system.
More than two years of intense work by R3 and its consortium members has resulted into an open source platform Corda developed on a distributed ledger technology. The platform enables businesses to quickly and easily set up Corda nodes and networks, while reducing time and cost of deployment, which are major considerations when adopting, distributed ledger-based platforms.
Over the last year, R3 has many times proved the credibility of world’s only purpose-built platform to the blockchain community. In a bid to promote Corda for enterprise usage, the consortium has signed a series of significant deals including its partnership with a computing giant Microsoft. Together with Microsoft, R3 has updated to version 1.0 of Corda that brought a lot of stability to the platform’s core application programming interface (API).
The Corda platform is already being used in a broad scope of industries from financial services to healthcare, shipping, insurance and more. It records, manages and executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce.
Today R3 has announced its new commercial product for businesses, Corda Enterprise, is now live. The open-source distribution ledger software builds on the existing Corda platform with the added feature of a built-in application Firewall to provide the additional security and support functionality required by institutions with complex businesses.
Corda Enterprise unlocks new opportunities for R3’s partner firms to expand their business, deliver new products to market faster and transform the industries in which they operate. Applications developed by partners such as Finastra, Gemalto, Guardtime, GuildOne, TradeIX and Tradewind Markets are now live on both Corda Enterprise and Corda, serving a rapidly growing community of end users in various sectors.
Notably Corda and Corda Enterprise are fully interoperable, meaning companies using either can trade with each other, and that one organization can run both platforms seamlessly across different divisions.
The press release recently published by R3 stated:
“Interoperability is a key aspect of the platform’s design. Its applications and services run across a common layer of identity, consensus and governance. This means businesses can transact openly and flawlessly with all their business partners, without trapped assets or islands of information.”
The additional platform’s features include 24/7 IT support, cross-distribution and cross-version wire compatibility, disaster-recovery and high-performance modes, support for Oracle and SQL Server databases that facilitates seamless integration with industry-standard enterprise databases.
R3 hopes its security and compatibility updates of Corda Enterprise will attract a wider range of institutions who eventually realize the full potential of blockchain executing complex logic and exchange of assets directly, simply and in strict privacy, without the need for costly reconciliation or a trusted intermediary.