The blockchain consortium R3 announced launching Corda Settler application for international cryptocurrency payments in corporate distributed networks. XRP became the first supported cryptocurrency.
R3 Launches Universal Settler Application to Facilitate Global Payments -#XRP the first settlement mechanism 👍— XRP_Cro (@stedas) December 5, 2018
R3 is an enterprise blockchain software firm working with 200+ members and partners; 180+ professionals in 13 countries#fintech #payments #blockchain #Ripple @Ripple pic.twitter.com/t9QRys7iJK
Corda Settler is a decentralized application (dApp) that runs on open source. It makes it possible to carry out payments in Corda network through any parallel means supporting cryptocurrency, or other crypto assets, or traditional payment mechanisms that can provide cryptographic confirmation of the fact of settlement of transactions.
The application will only confirm operations if the funds have arrived at the beneficiary’s account by writing new data to the distributed registry. A little later, developers plan to add support for deferred netting of transactions and real-time gross settlements (RTGS) to Corda Settler.
The Corda project is popular with companies that can now not only join the blockchain technology, but also appreciate the benefits of digital currencies, which allow for more efficient transactions compared to traditional methods.
“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,” said Richard Gendal Brown, CTO at R3.
When a payment obligation arises in the Corda system, one of the parties may request payment in XRP tokens. The other party will receive a notification of such a request and that it must configure the payment to be sent to the specified address before a certain date. As soon as the oracle service confirms the payment, the parties may consider the obligation fulfilled.
It is curious that R3 and Ripple in the past had differences. Their conflict even led to court hearings. Last year, the consortium accused the blockchain startup of failing to fulfill obligations under the contract related to the purchase of XRP cryptocurrency. According to the contract, R3 had the right to purchase digital currency in the period from the moment of the conclusion of the contract until September 2019 at a price lower than the market one, but the partner did not provide them with such an opportunity. It was about five billion XRP tokens at the rate of $0.0085, while on the stock exchanges the cryptocurrency was trading at a price of $0.21.
Ripple filed a lawsuit and explained that, under the contract, the companies had to create a joint commercial enterprise that would conduct cryptocurrency testing. However, R3 did not fulfill its part of the contract, and therefore did not receive the XRP at a reduced price. In September of this year, the company Ripple Labs Inc. announced that all disagreements with the consortium R3 had been resolved.
Blockchain Corda has become one of the most popular in the world. This week, the largest private bank in Brazil, Itau, in collaboration with the British credit organization Standard Chartered, launched an application based on Corda, which offers financial services for issuing small loans. And in early December, the SBI Ripple Asia financial holding announced that together with the Japan Payment Card Consortium, it would use Corda to improve the efficiency and speed of detecting when the financial services of the two organizations were used for criminal purposes.
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