The long-awaited Corda Network (CN) has finally been launched by the enterprise blockchain software firm, R3. The Corda Network will be governed by a newly-created not-for-profit organization called the Corda Network Foundation.
R3 announced the news in a press release on January 16, 2019, stating that the newly created foundation will take over the governance and work encouraging the growth and adoption of the Corda Network.
The Corda Network
Corda Network is the open shared blockchain network that links participants using Corda such financial institutions, banks, trade associations, fintech companies, and other businesses. It provides a common layer of identity and consensus among participants using Corda which enables interoperability between them on the network.
Corda Network also allows for the transfer of data and digital assets between business networks and CorDapps so that interoperability can be maintained between private ecosystems within single organizations or commercial businesses.
The sharing of information between different applications and organizations is very efficient due to interoperability and secure due to identity verification and privacy services that ensure all participants on the network are secure.
Moreover, the Corda Network is openly governed to enable the seamless on-boarding of participants to Corda and to help developers develop new applications for Corda and Corda Enterprise.
Corda has already achieved a mass of partnerships from both private and government-based companies and organizations. For instance, Corda’s partnerships with over 250 companies and organizations includes Citibank, HSBC, Huawei, Infosys, Intel, Amazon Web Services (AWS), and more.
All in all, the launch of the Corda Network is a very big development for R3 and it will be the catalyst that drives the enterprise blockchain software firm into the future, seeing that the companies mentioned above use their services.
The Corda Network Foundation
The Corda Network Foundation will operate independently from R3, with its board members drawn from participants on the network that are elected by members of Corda Network.
Per the press release, CEO of R3, David E. Rutter spoke about the launch of Corda Network and the Corda Network Foundation and explained Corda’s mission:
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.
Expanding on what was said above, Rutter said:
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.
What Does the Launch of the Corda Network Mean for XRP?
With the Corda Network now live, the XRP community and fans can check another achievement off their list, as XRP is the first cryptocurrency supported by the Corda Settler application, which will be greatly affected by the Corda Network.
This is beneficial to XRP because the Corda Network allows digital assets and data to easily and securely flow between businesses running Corda or Corda enterprise, including businesses running Corda Settler.
Therefore, any decisions that the Corda Network Foundation makes will reflect on the Corda ledger, CorDapps and potentially on the XRP owners using Corda Settler services.
Furthermore, the XRP Research Center took to Twitter to share their excitement for the Corda Network launch and the potential for private DLT apps to be settled with Corda Settler using XRP.
Jan 16, 2019.
*BREAKING*
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.
https://t.co/1V3YLQ1zQH— XRP Research Center (@XrpCenter) January 16, 2019
Now that Corda Network is live, will we see large enterprise businesses and organizations build dapps and services on Corda? When will this development have an impact on XRP, if at all? Let us know what you think in the comment section below.
