Codebase developed in collaboration with 50 financial services and technology institutions
October 3, 2017 (New York/London/Singapore) – Enterprise software firm R3 today launches version 1.0 of its Corda distributed ledger platform, signalling a major milestone for the development and implementation of applications on the platform, known as CorDapps. The platform’s codebase has been developed in collaboration with 50 R3 member firms. Corda v1.0 follows the open source release of the platform in late 2016. Having achieved stability of Corda’s core application programming interface (API) the foundation of the platform is now complete, meaning CorDapp developers can build on Corda v1.0 safe in the knowledge that any future improvements and enhancements to the platform will not disrupt their work. Corda is a blockchain-inspired platform that removes costly friction in business transactions by enabling institutions to transact directly using smart contracts, while ensuring the highest levels of privacy and security. It is the outcome of over two years of intense research and development by R3 and its 100+ members. As an open source platform, Corda can be built on by third party providers who can then operate and earn revenue from distributed ledger applications using the platform’s common code and protocols to ensure unprecedented interoperability. This offers a direct alternative to the disparate legacy systems financial services institutions are forced to use today, creating unnecessary costs, risks and inefficiencies. Richard Gendal Brown, CTO of R3, comments: “This is a significant moment for the evolution of distributed ledger technology. Most other platform providers don’t commit to this. Their early adopters risk being trapped in evolutionary dead ends as the platform evolves in incompatible ways. With Corda v1.0 we are protecting CorDapp developers from this fate – this is the firing of the “starting gun” for real development and deployments to start in earnest.”
David E. Rutter, CEO of R3, comments: “Corda is the most inclusive, open platform in the marketplace, and the launch of v1.0 signals to our rapidly growing ecosystem of partners that they can build on the platform with complete confidence. Time and budget can be invested in learning about, prototyping with and implementing Corda to realise both theirs and their clients’ business vision for DLT. The road to commercial deployment starts here.”
R3 is an enterprise software firm working with over 100 banks, financial institutions, regulators, trade associations, professional services firms and technology companies to develop Corda, its distributed ledger platform designed specifically for businesses. R3’s global team of over 140 professionals in nine countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base. R3 recently announced the successful completion of the first 2 of 3 tranches in a Series A fundraise valued at USD 107 million.
Corda is the outcome of over two years of intense research and development by R3 and its members and meets the highest standards of the banking industry, yet is applicable to any commercial scenario. It records, manages and executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce.