US-based software firm R3, which is focused on creating the next generation of global financial services technology, announced the launch of Corda Enterprise, a commercial version of Corda – R3’s open source blockchain platform. Notably, Corda Enterprise includes a distinct blockchain application firewall.
Corda Enterprise enables companies to select a version of Corda that fits their special needs, irrespective of their industry, stage of development and size. The launch has opened the window of opportunity for a number of institutions, which can now realize the full potential of blockchain. Using the platform, enterprises can execute complex logic and exchange assets directly in a simple and private manner, without the need for costly reconciliation or a trusted third-party.
Corda Enterprise comes with the world’s only blockchain application firewall, which facilitates the platform to be deployed within corporate data centres while retaining the ability to communicate securely with other nodes in any corner of the globe. R3 has identified this as a critical requirement for many businesses when selecting a blockchain platform.
The launch of Corda Enterprise opens a plethora of opportunities for R3’s partner firms to expand their business, deliver new products to market quickly and radically transform the industries in which they operate. Furthermore, applications developed by partners such as Finastra, Guardtime, Gemalto, TradeIX, GuildOne and Tradewind Markets are now live on both Corda Enterprise and Corda platforms. The applications serve a rapidly increasing community of end users in diverse sectors such insurance, financial services, healthcare and shipping.
The key aspect of the platform design is Interoperability. All applications and services run across a common layer of identity, governance and consensus. This enables transparent, glitch free transactions between business partners, without locked assets or parcels of information. Notably, Corda and Corda Enterprise are fully interoperable. This means, companies using either can freely trade with each other. Additionally, one organization can even run both platforms seamlessly across different divisions.
Corda Enterprise boasts of these additional features:
- Optimised for real-world corporate IT environments – Includes 24/7 support, governance, performance and availability monitoring, predictable release schedules, high-availability, enhanced security, disaster-recovery and high-performance modes.
- Support for Oracle and SQL Server databases: Facilitates seamless integration with industry-standard enterprise databases.
- Compatibility: Cross-distribution and cross-version wire compatibility, together with the ability to operate mixed-version networks and a Corda node inside a corporate firewall.
Richard Gendal Brown, CTO at R3, stated
“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.”
Jacqueline Morcombe, Global Solution Lead, Lending, Finastra said
“Finastra selected Corda to build our blockchain-based solution, Fusion LenderComm, due to its strong levels of privacy and security. This enabled our team to build a secure solution which streamlines information exchange between agent banks and lenders, driving transparency and efficiency in the syndicated loan market.”
John Velissarios, Managing Director, Global Blockchain Technology Lead, at Accenture, commented
“Corda Enterprise marks the beginning of a new phase for the blockchain industry that will allow businesses to build enterprise-grade applications securely using cutting-edge technology. As blockchain becomes increasingly mainstream, we believe Corda will emerge as a true market leader across the financial industry and beyond.”
Michael Reed, Senior Director of Blockchain Solutions at Intel Corporation said
“Intel is actively collaborating with R3 to address the privacy capabilities businesses require to accelerate blockchain adoption, using silicon-based technologies like Intel® Software Guard Extensions (Intel® SGX), which can help improve the privacy and security of blockchain solutions.”
Ivar Wiersma, Head of Innovation ING Wholesale banking told
“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.”
