R3 Launches Corda v.1
October 4, 2017
Enterprise software firm R3 launched 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.
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.”