R3, the distributed database technology company and leader of a consortium of more than 200 firms in research and development of distributed ledger usage in the financial system, has launched the Corda Network, to be operated and managed by the Corda Network Foundation, a new independent not-for-profit organization.
Corda Network is the underlying, open shared blockchain network linking participants using Corda and provides a common layer of identity and consensus for participants on Corda and Corda Enterprise. The network allows for the transfer of data and digital assets between communities of nodes (business networks) and different CorDapps.
David E. Rutter, Chief Executive Officer of R3, said: “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.”
With Corda Network, participants can create private ecosystems within their organization, or with trusted commercial partners, while remaining interoperable with the wider Corda community where they appropriate. Information is shared between applications and organizations in an efficient process that avoids duplication. Identity verification and privacy services are included in the network as it enables low-friction onboarding of participants to Corda as well as helps developers develop new applications for Corda and Corda Enterprise.
As governance of Corda Network is transitioned over to the new Corda Network Foundation, the new entity will operate independently of R3 while having a board comprised of directors drawn from participants on the Network and elected by members of Corda Network.
Some of the world’s largest banks which have entered the R3 consortium in the past include Natixis, BNP Paribas, Commerzbank, ING, Standard Chartered Bank, Bangkok Bank, SMBC, DNB, OP Financial Group, HSBC and ING Bank. The global network boasts more than 200 financial services firms, technology companies, central banks, regulators, and trade associations working together on Corda.