Blockchain company R3 is announcing the launch of an open blockchain network to link participants in Corda (called Corda Network), to be run by a new non-profit independent of R3.
Corda Network facilitates full interoperability between applications and businesses on Corda. This allows data used on one application to be shared onto another, supporting the ‘network effect’ of running multiple applications, and having multiple firms on Corda.
Corda Network will be run independent of R3 by Corda Network Foundation made up of Corda Network members.
Corda Network will provide a global and openly governed network enabling low-friction onboarding of participants to Corda as well as helping developers quickly, securely, and economically develop new applications for Corda and Corda Enterprise.
David E. Rutter, CEO of R3, commented on the news:
Corda’s mission has always been to find a way for enterprises to benefit from blockchain’s promise of open, frictionless sharing and global interoperability. The launch of Corda Network and the Corda Network Foundation illustrates this aim perfectly. Participants will be able to build their systems to suit their exact needs and ensure the security of their data, while still benefiting from the advantages of a universal network.
Applications on Corda are seeing wide adoption throughout industries. Corda Network is the next step in bringing these networks together to make these applications even more efficient and effective.
Sylvain de Crom, Chief Product Officer, B3i, said:
The true value in Corda Network lies in improving the fluidity of transactions and the transfer of assets, data and finance in a secure and efficient manner.
We are very pleased to see the successful launch of the Corda Network in which we have been involved in active testing. Interoperability of blockchain-based software is at the core of what we are building in B3i. The potential for this to cascade throughout, not just insurance, but banking, supply chain and other industries is extremely important for global commerce.
Manuel Sevilla, Chief Digital Officer at Capgemini Business Services, Capgemini, explained:
The governance system is inherent to the success of Corda Network. Involving many customers and esteemed partners illustrates the quality of the overall governance design and we are extremely proud having been invited to the Trust Root Ceremony at R3 headquarters.
Frederic Dalibard, Head of Digital for Corporate & Investment Banking at Natixis, added:
The creation of the Corda Network Foundation and Corda Network underpins the vision R3 and its members have had since day one.
This open ecosystem is a once-in-a-lifetime opportunity to transform the financial industry – and beyond – profoundly while maintaining an open and diverse market landscape. The launch of Corda Network is a wonderful signal for the entire Corda community and CorDapp developers that they will be able to bring their application to a truly open platform, supported by a non-biased operator.
Paula da Silva, Head of transactions services, SEB, concluded:
SEB is constantly investigating and adopting new technological solutions with the potential to benefit our customers. Naturally, we have been interested in blockchain’s promise of enabling global connectivity and availability of trusted, secure and efficient transactions for everyone. We are therefore pleased to be part of the Corda Network announcement, which is a key step to bridge the current siloes of closed networks and to deliver on this promise.