R3 is a distributed database technology company founded in the year 2014 by David Rutter. With headquarter situated in New York city, R3 leads an association of more than 70 (1) of the World’s Largest Financial Institutes in research and development of distributed ledger usage.R3 may have started itself as a consortium of a number of banks looking forward to using blockchain technologies, but it is broadening its very own ambitions. Presently a start-up with team members around hundreds, R3 is recommending cobra (A distributed ledger technology platform) to be used to link all the different businesses and not just the financial ones together. The basic idea of similar to the one that was originally pitched that if all the companies shared all its information, data and resources with each other on Corda, they could ax duplicative activity and trust that they are all exactly on the same precise page about who did what.
According to the example given by the R3’s current CTO Richard Gendal Brown, Travel agents, airlines, hotels, resorts from all over the world can reach to an accord about which airlines seat and hotel rooms have been reserved, knowing that all the data that is shared is the exact same to everyone.
Mr brown has stated that Corda has spiked the interest in people coming from a various industrial background such as people from government, healthcare, finance etc. The new positioning of the system will come at a time when all the hype of 2016’s Business researching blockchain has settled.
- R3 was one of the first company to promote and encourage the idea of the members-only blockchain
- Mr Brown describes the vision as an open shared community but personal, secured and permissioned.
- According to Richard Brown, the staff of R3 Corda were immensely motivated by the Ethereum’s target of the participants all running on the same exact business logic while annihilating all the silos and friction between different software’s.
- However, on the other hand, the worldwide broadcast design of the public blockchain networks necessary in a trust less system like bitcoin is objectionable to the enterprises.
- In order to handle this problem, the governing Corda design sought to decrease the amount of data that has to be shared among the participants, while convincing someone that something is accurate and precise.
- Another problem of Corda other than keeping the data private includes sharing the data through the internet. Many companies actually have their own highly secured and well-structured data centres which run their applications on their own system behind lots of secured firewalls.
- In order to solve this matter, the Corda node runs all the data of the particular bank or airline or firm on the cloud system owned by the firm itself which is highly secured by the firm itself.
- R3 takes a same tiny piece of the node which is called as float and allow it to float away from the main node to the demilitarized zone. This tiny piece of the node is highly secured and protected.
- Before the press release of The Corda, R3 has recently shipped 3.0 version of the open source version featuring the wire stability.
- One of the versions of Corda 3 node installed to a network will be compatible to all the future series of Corda which will be the plus point as no one would have to upgrade and update the entire system.
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