On 30 November, the R3 blockchain consortium, a collective of roughly 70 banks and financial institutions dedicated to the development of distributed ledger technology, kept its promise to release the open-source Corda platform (link) into the wild.
The technology is described by R3 as a financial-grade distributed ledger that records, executes and manages institutions’ financial agreements with their peers. Unlike many fintech concepts, it was developed in close collaboration with traditional banking giants.
“Corda is a platform designed to record, manage and automate legal agreements between business partners. Designed by (and for) the world’s largest financial institutions, it offers a unique response to the privacy and scalability challenges facing decentralised applications,” its website states.
What is Coda? A distributed ledger with a difference.
Corda is a distributed ledger platform designed to record, manage and automate legal agreements between business partners. Designed by (and for) the world’s largest financial institutions, it offers a unique response to the privacy and scalability challenges facing decentralised applications.Organisations across the world are now looking to Corda to address a wide range of uses, in finance and beyond.
More in the media:
- R3 Blockchain Opens to All – Financial technology firm R3 CEV is the latest upstart to lift the veil on its blockchain, a kind of distributed ledger that may revamp banks’ back offices with modernized software.A number of startups and Wall Street stalwarts have been vying to develop products that will eventually replace, or supplement, present-day financial infrastructure. Advocates of blockchain tech, the fundamental innovation that underpins cryptocurrencies like Bitcoin, say that it streamlines settlements as well as the execution of certain legal contracts, making business processes quicker, more secure, and less prone to error. – Fortune
- R3 Releases Code for Distributed Ledger Tech Corda – R3CEV, the startup behind the world’s largest banking consortium focused on distributed ledger applications, has made the code for its Corda platform freely available.The open-source release coincides with R3’s contribution of the code to the Hyperledger project, the Linux Foundation-led blockchain effort first launched late last year. From here, the code goes to the Hyperledger group for formal acceptance.Corda is envisioned as a permissioned distributed ledger enabling the management of legal agreements between financial institutions, with restrictions on which parties can see what types of information. (Coindesk)