R3 has launched Corda Network, the underlying, open shared blockchain network linking participants using Corda. Corda Network will be operated and managed by a new independent not-for-profit organisation, the Corda Network Foundation.
Corda Network provides a common layer of identity and consensus for participants on Corda and Corda Enterprise. It is an open shared infrastructure, which enables compatibility between participants on the network.
Corda Network allows for the transfer of data and digital assets between communities of nodes (business networks) and different CorDapps. Participants can therefore create private ecosystems within their organisation, or with trusted commercial partners, while remaining interoperable with the wider Corda community where appropriate. Relevant information can be shared between applications and organisations, creating efficiencies and avoiding duplication. Corda Network also includes identity verification and privacy services to ensure that participants can operate on the network safely.
It provides a global and openly governed network enabling low-friction onboarding of participants to Corda as well as helping developers quickly, securely, and economically develop new applications for Corda and Corda Enterprise.
Governance and the work encouraging adoption of Corda Network will be transitioned over to the new Corda Network Foundation. The Foundation’s board will be comprised of directors drawn from participants on the Network and elected by members of Corda Network. It will operate independently of R3 and its decision making will be transparent and available to all network members.
David E. Rutter, CEO of R3
“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.”
Sylvain de Crom, Chief Product Officer, B3i
“The true value in Corda Network lies in improving the fluidity of transactions and the transfer of assets, data and finance in a secure and efficient manner.
“We are very pleased to see the successful launch of the Corda Network in which we have been involved in active testing. Interoperability of blockchain-based software is at the core of what we are building in B3i. The potential for this to cascade throughout, not just insurance, but banking, supply chain and other industries is extremely important for global commerce.”
Manuel Sevilla, Chief Digital Officer at Capgemini Business Services, Capgemini
“The governance system is inherent to the success of Corda Network. Involving many customers and esteemed partners illustrates the quality of the overall governance design and we are extremely proud having been invited to the Trust Root Ceremony at R3 headquarters.”
Frederic Dalibard, Head of Digital for Corporate & Investment Banking at Natixis
“The creation of the Corda Network Foundation and Corda Network underpins the vision R3 and its members have had since day one.
“This open ecosystem is a once-in-a-lifetime opportunity to transform the financial industry – and beyond – profoundly while maintaining an open and diverse market landscape. The launch of Corda Network is a wonderful signal for the entire Corda community and CorDapp developers that they will be able to bring their application to a truly open platform, supported by a non-biased operator.”
Paula da Silva, Head of transactions services, SEB
“SEB is constantly investigating and adopting new technological solutions with the potential to benefit our customers. Naturally, we have been interested in blockchain’s promise of enabling global connectivity and availability of trusted, secure and efficient transactions for everyone. We are therefore pleased to be part of the Corda Network announcement, which is a key step to bridge the current siloes of closed networks and to deliver on this promise.”