Corda: Decentralized Interoperable Commerce Blockchain?
Corda is a blockchain platform built for one thing – to remove the costly friction that's experienced in business transactions! It seeks to address business needs for interoperability as well as privacy, syncing businesses and empowering them to transact or transfer value directly with utmost trust. This enables dramatic efficiency for operations in the complex business world.
In order to understand what Corda project is all about, let's dig deeper looking at what it entails, its benefits, and how it achieves the privacy it promises.
What is Corda?
Briefly, Corda is an open source project built on the blockchain network, allowing businesses to transact in strict privacy. The platform is not backed by any cryptocurrency. As such, it does not require mining style consensus.
By allowing collaboration between technology partners and financial institutions, Corda is designed specifically to serve various purposes. These include:
- Directly integrate into organizations systems
- Facilitate a rapid deployment of a new process
- Enable a smooth transition to new processes
Benefits of Corda in the Blockchain World
Based on its above mentioned designed purpose, the blockchain community ought to celebrate Corda. It has brought into existence more positive impacts in the blockchain world. The major are:
- Enabling parties to transact directly- Through its modern cryptographic techniques, Corda has ensured that direct transfer of value can effectively occur, syncing systems together. These in turn help in removing costs which consequently facilitates and initiates the presence of direct transactions between parties involved.
- Ensuring privacy over transactions- With the retention of privacy and assurance of integrity, Corda has another reason to be celebrated! It provides assurance when it comes to the transactions‘ validity and integrity.
Ways Corda Maintains Privacy in Blockchain
With blockchain platform enabling and strengthening privacy among business transactions, Corda comes in to maintain and back-up such through various ways. These include:
- Full encryption technology for the peer-to-peer networks.
- Intel Software Guard Extensions that allows for encryption of the transaction history which can be decrypted and verified specifically in a secure enclave – no one will and can later be able to decrypt such content. This assures utmost privacy.
- Key randomization and rotation that gives the platform power to make transactions anonymous with the help of automatic management identity. This ensures the privacy of the transaction source even when its information is shared to and with third parties.
Indeed, costly friction is a major issue that is posing a significant challenge to business transactions – and thanks to Corda project, this will soon be a problem of the past! As a blockchain platform, Corda seeks to remove costly frictions as well as ensure privacy over transactions.