R3 Corda

R3 Corda Coming soon

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Corda is a Distributed Ledger Technology (DLT for short). It is an open-source blockchain platform which enables businesses to transact directly and in strict privacy using smart contracts, reducing transaction and record-keeping costs and streamlining business operations. In a world of permission-less blockchain platforms, in which whole data is shared with all parties, Corda’s strict privacy model allows businesses to transact securely and seamlessly. Corda is a Distributed Ledger Technology to be used by businesses, such as financial institutions, to keep a shared ledger of transactions and thus removing the need for the involved parties to constantly check that each of their books are in line after interacting with each other. This is the primary problem that Corda is trying to solve. Data consistency is one of the core features of Distributed Ledgers and is crucial to the problem that Corda is attempting to solve. A Distributed Ledger could completely remove the need for this reconciliation, whether it is done by the interacting parties themselves or a third-party. This is due to the nature of Distributed Ledgers where all nodes (the parties) must be in the same state. More specifically to Corda, a transaction is only committed when all involved parties have accepted that the inputs and outputs of the proposed transaction are correct. If anyone disagrees then it doesn’t take place. Otherwise the transaction is committed and the funds (or whatever the inputs and outputs were) are moved between the parties as previously agreed. In conclusion, these are the factors that are greatly influenced the design of Corda. They chose to design a Distributed Ledger Technology that uses known identities to inject trust into the system and keeps transactions private between interacting parties, with the goal to reduce the effort required to maintain data consistency while still allowing it to scale well and handle a higher volume of transactions.

In R3’s words: “Corda is a decentralised database platform designed and built from the ground up for the recording and automation of legal agreements between identifiable parties. It is heavily influenced by the requirements of the financial industry but we believe the underlying architecture will lend itself to a broad range of applications.”

One of the principal features of a distributed ledger is that there is no central body controlling or managing the process. Through the use of a peer-to-peer network and distributed timestamping, the ledger is managed autonomously. Some industry observers have argued that there is no clarity on who has access to keys and who can authorise changes on Corda. This, they say, would result in a lack of accountability, as one of the main points to a trusted ledger and cryptography is knowing who has done what. The Corda design envisages signatures being applied by secure hardware devices owned and controlled by individuals, so that transactions – and who authorised them – can be traced all the way back to specific individuals if the business needs this

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