MonetaGo Changes From Hyperledger Fabric to R3 Corda in a Bid to Build Blockchain for Banks
R3 had a big indirect victory against Hyperledger Fabric recently. MonetaGo, a software development firm that provides blockchain solutions for banking institutions, has decided to change its structure and start using R3’s Corda instead of its old Hyperledger Fabric system.
The company, which is currently based in New York, has been testing its new blockchain system now and it has planned an anti-fraud platform. However, the company believed that Hyperledger Fabric would not scale properly so they decided to change their underlying system in order to have a better result later.
The CEO of MonetaGo, Jesse Chanard, has talked to Coindesk and affirmed that the company looked at different scalability pieces and they saw it as lacking so, after testing Corda, they decided it was the better choice for this specific case and “it made sense”.
Chenard referred to the fact that the Hyperledger Fabric technology uses many channels in order to ensure the privacy of data while Corda works in a very different way and it only shares the data between the counterparties which are a part of the deal instead of leaving public. This, the CEO of the company affirmed, is one of the key points that led the company to its decision.
One of the reasons why MonetaGo is so interested in this technology is mostly because it wants to automate the issuance of commercial paper. The next version of the product offered by the company will have an extensive anti-fraud network and will be launched in Mexico soon, possibly still this year.
The CEO and founder of R3, David E. Rutter, has affirmed that the conglomerate is excited to see the network using their technology with several banks from Mexico. Now, the company will start to expand its business to Mexico and India, as well as other Latin American countries.
More Companies Have Moved From Hyperledger To Corda
This is, in fact, far from the first time in which a company changes from one distributed ledger to another one. Both B3i and RiskBlock have already been known to migrate from Hyperledger Fabric to Corda before.
However, even with this happening, the finance sector seems to be fairly split between these two ledgers and no one can say that one of them has the upper hand in the market.