Corda

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Corda is an open-source distributed ledger project. It was designed to build a network of software platforms that are able to smoothly communicate and transact between each other privately using smart contracts, much like Ethereum. Corda was developed by R3.[1]

Overview

Corda is R3's decentralized application platform. Inspired by Ethereum, the creators of Corda have striven to create a network that not only enables businesses to run smart contract applications with each other, but assures the privacy of those transactions. Instead of every transaction being imprinted and drawn totally from the Corda blockchain, companies run their Corda nodes through existing networks, keeping a piece of the node's processing power - a "float" - separate, in order to keep the node connected to the Internet and free to communicate with the rest of the network.[2]

Corda is not a traditional distributed application platform; it does not have its own cryptocurrency and it does not rely on nodes running coin-incentivized mining operations. It is meant to be incorporated into existing company databases to provide a sort of medium for trade between two businesses. Corda is open-sourced and designed to make it easy for businesses to not only develop their own applications within the Corda framework, but integrate those applications completely into their existing servers and networks. Instead of relying on a blockchain's information to verify that transactions made are legitimate, Corda employs "Notary Clusters," or bundles of data containing verified information relating to a transaction. These "Notary Clusters" are designed to plug into a transaction and run software that cross-references the information in the Notary Cluster with information being presented in the transaction. By running smart contracts this way, Corda attempts to create the same transparency afforded by a regular blockchain, while also allowing two parties to conduct private transactions with each other. This removes the need for anonymity between users, enabling smart contracts to be carried out between two or more identifiable parties.[3]

Settler

In December 2018, R3 announced the launch of Corda Settler, a global payment platform based. The announcement said Corda will do facilitate international payments using XRP, despite R3's recent history of legal conflicts with Ripple. R3 also hinted that other cryptocurrencies or digital assets may be integrated into it as well.[4]

References