R3 announces commercial blockchain platform, Corda Enterprise 

R3, the enterprise software firm, has announced that Corda Enterprise, the first commercially available blockchain platform for business, is now live.

The open-source distribution ledger software builds on the existing Corda platform, with the added feature of a built-in application firewall to provide the additional security and support functionality required by institutions with complex businesses.

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The original Corda platform has already been used in a broad scope of industries from financial services to healthcare, shipping, insurance and more, helping to record, manage financial agreements.

With its security updates, R3 hope a wider range of institutions can now realise the full potential of blockchain – executing complex logic and exchange of assets directly, simply and in strict privacy, without the need for costly reconciliation or a trusted intermediary.

A spokesperson from R3 said: “Interoperability is a key aspect of the platform’s design. Its applications and services run across a common layer of identity, consensus and governance.”

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“This means businesses can transact openly and flawlessly with all their business partners, without trapped assets or islands of information. Corda and Corda Enterprise are fully interoperable, meaning companies using either can trade with each other, and that one organisation can run both platforms seamlessly across different divisions.”

Richard Gendal Brown, CTO at R3, comments: “Traditional permissionless blockchain platforms, in which all data is shared with all parties, have issues around privacy, scalability and interoperability that render them largely unsuited for global business. This is the problem Corda was designed to solve and it is gaining adoption at a rapid pace across a range of industries. However many enterprises – especially larger ones – face unique technical constraints. Corda Enterprise fine tunes Corda for these firms so that they can adopt blockchain technology in a way that is straightforward and natural. The launch of the platform is a watershed moment for business blockchain technology.”

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Ivar Wiersma, Head of Innovation, ING Wholesale Banking, comments: “With the launch of Corda Enterprise, we can now deliver the security, privacy and reliability features that customers and regulators expect from financial institutions. It enables us to realize the potential of distributed applications in enterprise-grade IT production environments. This is a massive step towards unlocking the full potential of Distributed Ledger Technology.”

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Andrew Ross

As a reporter with Information Age, Andrew Ross writes articles for technology leaders; helping them manage business critical issues both for today and in the future