The R3 consortium announced an introduction of a new commercial version of the blockchain platform Corda, earlier today. This system is optimized for the needs of modern businesses. With Corda Enterprise major companies will be able to interact with each other on the basis of distributed ledger technology.
Why it is important
- Corda is a distributed ledger for storing, managing and synchronizing financial obligations between various financial institutions. Developers say that they use all the advantages of blockchain in their system, minimizing its shortcomings.
- For example, platform clients don’t need to open information for all participants in the system. Corda allows you to find a consensus for individual contracts, and not just at the level of the entire system. In Corda, the transaction is confirmed only by those participants, who are related to it.
The platform developers explain that Corda Enterprise allows firms to use technical restrictions on access to information. Conventional blockchain platforms begin with the fact that major international corporations can’t use them because all the network members have access to the data. Corda Enterprise solves problems with information security, scalability and interoperability.
Distinctive features of the commercial platform:
- Support for Oracle and SQL Server databases.
- Compatibility with other systems.
- Uninterrupted operation and high productivity.
- Increased security.
- Optimization of work with IT infrastructures of companies.
- 24-hour technical support.
To ensure a high level of security, Corda implemented the world’s only Blockchain Application Firewall. This will allow the system to safely transmit and receive data from nodes located anywhere in the world.
According to the announcement, Corda and Corda Enterprise are fully compatible. This means that one company can work on both platforms for different departments without any problems. With the launch of Corda Enterprise, companies can now choose the Corda version that meets their unique needs regardless of their industry, size and development stage.
During the development, the R3 consortium cooperated with Finastra, Gemalto, Guardtime, GuildOne, TradeIX and Tradewind Markets. Now, the commercial platform works for various business areas such as insurance, healthcare, financial and transportation services.
As earlier announced by R3, 39 firms have already run a Know Your Customer (KYC) application as a test. The service shows how blockchain-based solutions can be used by banks in order to meet the basic requirements of the mentioned KYC policy for new clients. Simultaneously, financial institutions can guarantee transparency, security and a high level of profitability.