The R3 consortium has been attracting a lot of attention as of late. This bank-oriented blockchain research think tank recently unveiled Corda, their in-house distributed ledger software. The group also published a non-technical whitepaper for the Corda initiative.
The first public demonstration of the Corda distributed ledger occurred in April of 2016. Ever since that event, the R3 consortium has been working hard on improving the code base. Several proof-of-concept and prototypes have been tested, allowing the team to gain valuable insights as to what the technology is capable of.
Understanding The Corda Blockchain Concept
As many people are well aware, the banking sector is in dire need of innovation. Disruptive technologies will play a critical role in this process. Particularly costs and efficiency can be improved significantly by embracing the blockchain. However, creating a unified solution is a difficult task, as every institution uses its own set of ledgers to record transactions.
This is where the Corda distributed ledger comes into the picture. This initiative, created by some of the world’s leading banks, will create new standards accessible to all participants and is focued toward reuglated financial entities. Introducing a new shared platform to record