R3 Consortium Releases Corda Version for Businesses

R3 Consortium releases Corda version for businesses, which is “optimized to meet the demands of modern day businesses.” What are the features of the new platform?

10 July, AtoZ Markets – the Blockchain technology company R3 has made a public announcement. The company has stated that it released a version of it Corda blockchain platform. The version is reportedly specifically aimed at businesses. 

R3 Consortium Releases Corda Version for Businesses

R3 is a consortium of more than 200 companies, which concentrate on research and development of Blockchain applications for the financial and commerce industries. Corda Enterprise, which is reportedly “optimized to meet the demands of modern day businesses,” also comprises a “Blockchain Application Firewall.” This is done in order to enable the platform to run within corporate data centers and simultaneously be able to communicate with Corda’s nodes. 

R3 has also confirmed that applications that are available on the original Corda and now also enabled on Corda Enterprise, according to reports. 

The newest Corda release appears in hard times for Blockchain industry, where there is a decreasing confidence trend in Blockchain business adoption. According to a number of online reports, the key clientele of Corda’s initial platform – banks. These financial institutions are especially wary of the new update. 

R3 KYC Application Testing

However, earlier this July, 39 financial firms have partnered with Blockchain consortium R3 to carry out more than 300 transactions through the R3’s Know Your Customer (KYC) application. According to a post on R3’s blog, the testing has been completed.

The KYC application of R3 has included major financial and banking institutions globally. To name a few of them – Deutsche Bank, ING, the National Bank of Egypt, and Raiffeisen Bank International. The application testing has also involved some of the regulators and central banks from all over the globe. Some of these include the Central Bank of Colombia, the Federal Reserve Bank of Boston, and the Financial Superintendence of Colombia.

The transactions were conducted via 8 different time zones and in 19 countries. Banks could request access to customer KYC data and clients were allowed to either deny or grant access. According to the press release on the R3 blog, project participants have run a total of 45 nodes on Microsoft Azure. They have been sharing data via the Corda network and by utilizing CorDapp. 

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