The blockchain software firm R3 just launched the highly anticipated Corda Network. Corda is a distributed ledger technology that is designed for businesses and major financial institutions to use to create a shared, decentralized and transparent record of transactions.
According to R3, the Corda Network will allow businesses to send and receive digital assets and data in an efficient and secure manner. The Corda Foundation, a nonprofit organization, will independently govern the network.
In a press release, R3 announced the launch of the network and promised that businesses that use Corda will be able to…
“create private ecosystems within their organization, or with trusted commercial partners, while remaining interoperable with the wider Corda community where appropriate. Relevant information can be shared between applications and organizations, creating efficiencies and avoiding duplication. Corda Network also includes identity verification and privacy services to ensure that participants can operate on the network safely.”
The Ripple community is excited about this announcement because XRP will be the first cryptocurrency supported on the Corda app. The XRP Research Center tweeted:
Jan 16, 2019.
1) Corda Network “CN” launches.
2) CN now bridges Corda Enterprise “CE” (private DLT apps) <-> Corda (public CordApps).
3) Hence, CE *could* now settle with Corda Settler (#XRP).
4) CN Foundation is created for CN management.
— XRP Research Center (@XrpCenter) January 16, 2019
Richard Gendal Brown, the CTO of R3, expressed his excitement for the cooperation between Ripple and Corda back in December.
“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.”
Corda could be a platform that bridges all types of businesses with the emerging and maturing cryptocurrency space. Interoperability is a coveted feature that could allow Corda to help multiple blockchain networks to flourish and gain value while developing ecosystems for variously specialized niches.