Imagine a world where transactions are  secure, and efficient. A world where businesses can trust each other without intermediaries, where sensitive data remains private.

Such solution is available!

Welcome to the realm of R3 Corda platform, transforming the way we conduct transactions. It enable direct and trusted interactions between multiple parties. In this blog we will see game-changing capabilities, real-world use cases, tremendous potential and  limitless possibilities.

R3 banking consortium developed Corda platform to achieve data reconciliation in financial market at highest speed and privacy with minimal costing.

Corda is permissioned blockchain platform which can be accessible by only authorized network participants. Corda have dominance in financial service industry.

Corda allows businesses to transact directly with smart contract and blockchain technology. Unlike public blockchain Corda’s DLT is shared to only transacting parties and all handling through smart contract.

Features of corda

• Applications– Corda have dominance in financial services like banking, insurance, finance and capital market sector etc.
• Language of smart contract – Corda is written in the Kotlin programming language and supports development both in Kotlin and Java.
• Governance– R3 company as incharge
• Native cryptocurrency- Corda does not have Native cryptocurrency. As R3 and XinFin announced partnership in march 2021. As per agreement, XinFin’s crypto currency XDC becomes primary settlement coin for corda.

• Consensus – only parties involved in transaction are making decision.
• UTXO(unspend transaction output)- UTXO is used to record state like bitcoin.
• NO BLOCKS – As we consider corda as blockchain and we might think blocks are there, but here transaction level consensus occur and no block generation happens.

Architecture-

Corda is operating at different layer.

1. State layer.
2. Transaction with instruction layer.
3. Proceed with contract of agreement layer.
4. State change at node level by completing transaction layer.

Corda have two main editions

• Corda – It is an open-source edition that is free for personal and commercial use called Corda.
• Corda Enterprise– It is enhanced paid edition called Corda Enterprise. Corda Enterprise offers additional performance enhancements, such as higher computational capacity for large-volume transactions. This meets all the demands of modern-day businesses.

Live use cases of Corda

• Coadjute-It is a UK-based property technology company that connects the various parties, systems, and software applications across the residential housing market value chain. Powered by Corda and enables users to completing property transactions.

Features

1. Accelerates Deal Cycles.
2. Improves User Experience.
3. 50% reduction in the time taken to complete deals.
4. Reduces the risk of fraud.

• Spunta Banca – It is Italian banking industry and leading technology providers. It uses blockchain, to transform interbank reconciliation. Powered by Corda, the Spunta Banca DLT solution was developed by the ABI (Italian Banking Association), SIA, NTT Data and R3, governed by ABI.

 This is live with over 100 Italian banks, representing 91% of the nation’s banks.

• Fragmos Chain- It is a multi-party platform allows interactions between financial institutions to reinvent the post-trade processing of capital markets transactions.

Features

1. The solution is opening up a faster.
2. More efficient and lower-risk future for post-trade operations.
3. Eases administrative burden.
4. Automates identification and resolution of discrepancies so traders focus on their core duties.
5. Frees up 30% to 60% of capital related to counterparty risk.

• Contour-It is a Singapore-based digital trade network to solve long-standing inefficiencies in global trade.

Features

1. Boosting speed (time from 10 days to 24 hours).
2. Trust across the international trade finance ecosystem.
3. Real-Time Transparency.
4. Accelerates the Digitized Letter of Credit Process.
5. Security for Verified Participants.

• AXedras – It is a Swiss-based DLT infrastructure and does digitization of precious metal value chain, from miner to investor.

Features

1. Improves provenance tracking and product integrity.
2. Reducing transaction time, manual processes.
3. Connects all industry participants, including suppliers, refiners, logistics, companies, traders, and banks via one API.
4. Visibility of provenance throughout the value chain.
5. Digital Reconciliation.
6. Enables participants to minimize cost and effort by receiving data digitally.

• Instimatch Global-It is a Swiss-based cash management platform streamlining unsecured money market funds, FX and repo.

Features

1. The solution reduces the time and effort to structure deals.
2. Allow diversification of their trading partner network for new trading opportunities.
3. Infrastructure to a Global Trading Network.
4. Transact Securely and Price Optimization.

• Agora (The future of fixed income markets) – It is a UK-based financial technology company focused on transforming the entire lifecycle of financial instruments from issuance to redemption.

 Syndicated Bond and Structured Products applications enable issuers, syndicate banks and other service providers to collaborate and streamline information sharing in real-time.

Features

1. Digital Signature.
2. Smart bonds are digitally signed and available to all participants in the deal, eliminating the need for manual inputs.
3. High scalability and strong identity validation.
4. Automation and Intelligent Processing results in 93% reduction in time spent on indications.
5. Reduces Reconciliation Costs with $15,000 in annual savings per syndicate team member.

• Gavea ( Automating the commodity trading process)-

It is a Brazilian agricultural technology company that connects the end-to-end commodity supply chain from buyers to sellers. Gavea Marketplace solution enables product traceability, full price transparency and eliminates the need for a middleman with its unique matching mechanism.

• Adhara is liquidity management at international payment solutions.

Corda is already deployed by hundreds of institutions operating at scale in global regulated markets, including DTCC, Euroclear, the Central Bank of UAE, SIX Digital Exchange (SDX) etc.

Latest happening in R3 Corda

As per press release on 14 June 2023 at New York, R3 doubles down on interoperability, high availability, and scalability reinforced by the next generation of Corda.

This is achieved by updating major platform responsible for high availability, scalability, and secure interoperability with other enterprise DLT platforms.

R3 launches Hyperledger Lab, Harmonia, to bring harmonization approaches to increase clarity and commonality for all participants.

Conclusion-

As we seen continuous development and growing ecosystem, R3 Corda is in the position to shape the future of digital transactions. So it’s important to stay tuned with the latest advancements and developments in the R3 Corda ecosystem to unlock new opportunities for growth and innovation.