Since we last met with R3 nearly a year ago, a lot has changed, according to a representative from the company’s general counsel, Isabelle Corbett. The enterprise software company is now 200 partners strong, all of who have worked together within the consortium to develop Corda, their distributed ledger platform designed specifically for financial services.
Launched in September 2015, Corda allows participants to transact without central authorities, resulting in frictionless commerce, but it also has capabilities well beyond just that. What sets them apart, is that the enterprises can interact in the space much faster with the added benefit of a blockchain inspired system. With that comes added security, reduced friction and lower costs, all while complying with regulations by not sharing data with companies that shouldn’t have it.
R3’s open shared network is still private, secured and permissioned. These are reasons why it is attracting other industries from insurance to healthcare, travel, even governments. It will be interesting to see where they go next. In the meantime, tune in for exciting updates for 2018.
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