R3 is an enterprise blockchain software firm that has been working on their Corda Network for quite some time. The project is made for the Corda Network Foundation, which is a not-for-profit organization. Based on a publication for January 16th, R3 has officially launched the Network.
So far, R3 has managed to accumulate partners from multiple private and public companies, helping with the development of the open-source blockchain platform for Corda. They have also assisted in creating Corda Enterprise, which is a business-focused offshoot of the Network.
With the Corda Network in place, it will be able to function as a base layer of identity and consensus, available to all participants. It will make it possible for businesses networks to transfer both data and digital assets between each other while supporting the decentralized applications that Corda platform allows the functioning of, which are referred to as CorDapps.
The network has multiple identity verification and privacy provisions in place, allowing the participants to develop the private ecosystems that their organizations need. However, these protocols make it possible for commercial partners to join them as well, promoting the sharing of data between parties that are allowed to access it. This furthers an additional benefit of maintaining the Corda community’s interoperability.
The directorial board for the Corda Network Foundation is expected to be elected as a result of a vote taken from Corda Network members. It will not be run at all by R3 and will instead take on an independent role.
With the joint launch, the goal of Corda is to create a network that is both international and transparently governed, which should help with the seamless adoption of Corda and Corda Enterprise. It will create the foundation for secure, efficient development of new applications on the network.
There are several participants in the Corda ecosystem that have spoken with the press about the open governance system and the way that the oversight from a non-biased operator will be crucial to how successful Corda Network is. It will also be a part of the development of an efficient and trust alternative to what is offered in the siloed systems that are around today.
The last few months have been rich with adoptions of Corda in the news, like the stories showing their decision to onboard the blockchain consortium and credit union service organization (CUSO), which is based in America.