Lead R3 Blockchain Engineer Speaks On Corda Settler And Swift’s Blockchain Payments Partnership
R3 Believes Its Corda Blockchain Platform Can Scale Massively And Ensure User Privacy
Todd McDonald, R3's co-founder and Dave Hudson, head of solution engineering at R3, a blockchain company founded in 2014, in a recently released podcast, “Life in the Fast Chain” outlined that blockchain is revolutionizing the payment industry and R3's Corda will bring about privacy, scalability, and more, according to reports on February 21, 2019.
Podcast Focuses On Corda, Blockchain Technology And Its Potentials
In a podcast hosted by Catherine Rutter, R3's digital media specialist featuring reputable leaders in the industry, more light was shed on blockchain technology in order to educate people about the distributed ledger technology.
The free podcast with 23 episodes which has been uploaded to iTunes, Spotify, Overcast FM, and Google play had speakers including Todd McDonald and Dave Hudson.
Based on the details of the podcast, the duo hinted on R3's partnership with Swift, an international payments network to launch Corda Settler.
They also noted the impact of blockchain on the payments and remittance industry.
Corda's Aim Is To Scale And Enable Messaging Swiftly
Dave Hudson who was featured on Life in the fast chain's episode 23 on February 20, 2019, noted that Corda was created to scale and enable messaging to occur in an organic manner.
Scalability has also become an essential requirement for more applications over the past year,
“We want to be able to build things that scale massively and so the capability of any individual component can improve over time, but the capacity of the entire network can be absolutely vast,” said the co-founder.
Though the Bitcoin Network plans to overcome its scalability and speed issues through the Lightning network, developers on the Ethereum smart contracts blockchain, on the other hand, are also working tirelessly to find lasting solutions to the menace.
R3 To Implement A Shrinking Feature On Corda
Hudson also revealed that the R3 is currently working on Shrinking Corda.
He added that the shrinking idea is an exciting one and so far, design choices have been made to enable them to implement the feature.
While hinting on what should be expected of the new feature, Hudson stated that the company intends to adopt the pattern of Linux Operating System (OS) where a person requires expensive hardware to use the OS.
Corda Seeks To Bring User Privacy
Furthermore, Hudson hinted that the blockchain company is making attempts to link customers from different companies and enable them to transact privately.
Hudson made comparisons between Corda and some blockchains that make transactions public by broadcasting the messages and noted that it wasn't the case with Corda Network because it aims to maintain user privacy.
In line with that, SWIFT on February 11 stated that banks do not want their competitors to know how much they have which is usually the case with blockchain. As a result, it made these financial institutions reluctant to adopt it.
SWIFT had also announced on January 30 its partnership with R3 to launch a proof-of-concept (PoC) payment gateway called GPI Link which will connect SWIFT’s GPI (Global Payments Innovation) to R3’s blockchain platform.