R3 Revolutionizes Blockchain Technology for Business Through Corda Platform

With cryptocurrencies becoming the lifeblood of the industrial arena, businesses and entities from around the world have started exploring the domain by unveiling their best offerings in the marketspace. The crypto industry is home to an array of blockchain-based projects that have played a key role in shaping the next-gen decentralized and innovative ecosystems. One of the prominent names in this field is R3, the firm behind the revolutionary Corda blockchain, which takes pride in being the only open-source distributed ledger platform designed for business.

R3 is a globally acclaimed blockchain software firm boasting of a huge team constituting more than 300 participants across the public and private industries. The entity strives to aid the developers in developing decentralized applications or CorDApps on Corda and Corda Enterprise, which serves as a commercial version of Corda designed to cater to the requirements of enterprises. Corda allows business networks to indulge in transactions directly while offering the highest security standards through smart contracts. The platform has become a hot-shot solution for the DApp developers owing to the low transaction and record-keeping charges for the unprecedented management of business operations through revolutionary tools. The Marketplace serves as a web platform that displays a wide range of decentralized applications or CorDapps built on the Corda network. The users can test their DApps on Testnet, which allows them to run their CorDapp on a network and UAT by simulating operational characteristics of DApps for better exposure and understanding.

List of Lucrative Features of Corda and Corda Enterprise

• Corda works as an open-source solution and the source code is accessible on GitHub under an Apache 2 license. It has been designed in a manner that it can be molded and channelized seamlessly to live up to the expectations of any business owner for its business network.
• The community supporting the Corda network includes highly knowledgeable and intellectual individuals who put their efforts to enhance, innovate, and upgrade the capacities and functions of the network efficiently.
• Both Corda and Corda Enterprise are interoperable in nature, which implies that the firms using either of them can trade with each other as well as one entity can run both the platforms across different sectors. One can shift from Corda to Corda Enterprise effortlessly via a simple process.
• Corda Enterprise is studded with the world’s only blockchain application firewall, which facilitates its deployment in corporate data centers. It also allows users to communicate securely with other nodes on the network from any place around the world.
• The solution includes an array of features such as performance and availability monitoring, recovery from disaster, HSM support, high-performance mode, etc.
• Corda is widely used in multiple industrial domains, including healthcare, insurance, finance, shipping, and many others.

News That Brought Corda In Headlines

Recently, as part of a major announcement, R3 stated that it is enriching the pension firms with a path-breaking technological solution to create a new blockchain-based identity solution. As per the reports, the highly anticipated project will have the potential to aid savers to reclaim from a pool of a whopping sum of $48 billion, which is lost in U.K pension firms.

“We’ve built digital identity platforms with a couple of partners that are global. We’re actually working with tech partners, the likes of Gemalto [part of the Thales Group, one of the largest identity management companies in the world], who actually are members of government-organized pension funds,” quoted Abbas Ali, the chief of R3’s digital identity arm.

He further added that “The blockchain angle essentially gives users control over their digital identity … instead of a third party providing a service, a blockchain network could potentially mean citizens are in control of their identity and organizations including government departments would exist on the network and users would be able to selectively disclose parts of their identity as needed.”

The central bank of Sweden, Sveriges Riksbank, stated that it has teamed up with Accenture to pilot test its digital currency e-krona which has been created using R3’s Corda network.

We’re excited that @Cordablockchain was selected for @riksbanken’s e-krona solution with @Accenture! Read the report for more on this exciting initiative and to learn why #Corda's unique design features made it the ideal platform of choice. https://t.co/hZQpAoiExo

— R3 (@inside_r3) February 20, 2020

Conclusion

Blockchain technology has changed the working pedagogy of the industrial domain ever since it made its appearance in the financial space. Corda has been designed to extract the maximum benefits of the decentralized ledger technology so that it can work as an effective solution to the business demands. The incomparable network capacities of the platform have made it a one-stop solution for DApp developers from around the world. Corda and Corda Enterprise are likely to strengthen the DApp community in a big way in the coming years by offering more lucrative products and services to the customers spread across the geographical boundaries.