By
Godfrey Benjamin
April 24th, 2024
The new Corda Settler application facilitates traditional and blockchain-based payments for payment obligations raised on the Corda blockchain platform.
R3, the company developing enterprise-grade DLT solutions has unveiled new Corda Settler app on its international blockchain. The app will facilitate global crypto payments across enterprise blockchain networks with XRP as its base currency. R3 is famous for pursuing ambitious and challenging blockchain projects in the past.
Thus, the development of Corda Settler app adds one more jewel to R3’s crown. The official press release notes that Corda Settler is “purpose-built to allow for payment obligations raised on the Corda blockchain platform to be made through any of the world’s payment systems, both traditional and blockchain-based”.
Although XRP is the first global digital currency supported by Settler, R3 says that it plans to add more in the foreseeable future. Moreover, this move has helped Corda and XRP-based ecosystems to work together. This is also an interesting move considering R3 and XRP have engaged in a legal dispute in the past.
Richard Gendal Brown, CTO at R3 showed excitement and optimism on this new development.
“The deployment of the Corda Settler and its support for XRP as the first settlement mechanism is an important step in showing how the powerful ecosystems cultivated by two of the of the world’s most influential crypto and blockchain communities can work together,” he said further adding that “While the Settler will be open to all forms of crypto and traditional assets, this demonstration with XRP is the next logical step in showing how widespread acceptance and use of digital assets to transfer value and make payments can be achieved.”
Details About the Corda Settler Application
R3’s Corda blockchain network is robust and powerful to handle different applications for multiple use-cases. The Corda Settler is an open-source CorDapp which will continue to function with the same standards. Moreover, the press release notes that Corda Settler supports payments of all sorts through “any parallel rail supporting cryptocurrencies or other crypto assets, and any traditional rail capable of providing cryptographic proof of settlement.”
Furthermore, the Settler app automatically updates the Corda Ledger upon verifying that the beneficiary’s account is credited with the expected payment. In the next developmental stage, Settler will support real-time gross settlement payments along with the domestic deferred net settlement.
Below is the Explainer video for Corda Settler by R3.
Thus it is clear that in the transaction initiated by Corda Settler, the receiving party doesn’t need to use Corda to receive the payment. At the same time, it is not mandatory for the sending party to use XRP or any other cryptocurrency. The functioning of Corda Settler is simple. It is important to broadcast and note the transaction while sending. Similarly, it is essential to confirm the transaction when received.
This means that using the Corda Settler; one can send XRP or dollar and the receiver can accept the payment in an entirely different currency. It will thus allow banks and other financial institutions to build their blockchain networks with minimum overheads. They don’t need to integrate the R3 technology fully. All they need is to let their clients receive deposits via Corda-enabled services.
“Settlement Oracle” will broadcast the actual settlement notification. It can be operated through different entities like exchanges, banks, and others.
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