New York, London, Singapore - Enterprise software firm R3 has launched version 1.0 of its Corda distributed ledger platform, signalling a major milestone for the development and implementation of applications on the platform, known as CorDapps. The platform's codebase has been developed in collaboration with 50 R3 member firms.
Corda is a blockchain-inspired platform that removes friction in business transactions by enabling institutions to transact directly using smart contracts, while providing privacy and security. It is the outcome of over two years of intense research and development by R3 and its 100+ members.
As an open source platform, Corda can be built on by third party providers who can then operate and earn revenue from distributed ledger applications using the platform's common code and protocols to enable interoperability. This offers a direct alternative to the legacy systems financial services institutions in use at present which can create unnecessary costs, risks and inefficiencies.