R3’s New Corda App Supports XRP Payments Now
R3, an important conglomerate for the distributed ledger technology, has recently launched its newest technology, which is called Corda Settler. This new app, based on the Corda blockchain, will be used to facilitate global crypto payments within enterprise blockchains and now you can use Ripple’s XRP on it.
This is part of a plan to bring both R3 and Ripple together as XRP is solidifying its presence in the market. These are two of the most powerful blockchain companies, so seeing that they are working together we can expect great things.
According to Richard Gendal Brown, CTO at R3, the new Corda Settler and its support for Ripple’s XRP would make it the first settlement mechanism in the world that would show off how poweful ecosystems that were created by companies around the world can work jointly in to offer better results for their users.
He has also added that the Corda Settler platform will be open to more cryptocurrencies later and even traditional assets in time, so this “demonstration” with Ripple’s XRP is pretty much the first step of something considerably larger that will show to the clients how the digital transfers and making payments using the platform will work.
The Corda Settler Technology
The software of Corda Settler is fully open source and it uses the CorDapp technology, which was created to allow payments on the Corda network via parallel rail supporting cryptos and any other kind of asset.
Basically, the function of the app will be to verify whether the people who were supposed to receive the money actually did or if they did not do it and then update this information directly on the Corda ledger. Initially, the product will only support domestic deferred net settlement as well some real-time gross settlement payments as well but more options will be added later.
By using this new technology on Corda, a party can have the option to request the settlement payment using Ripple’s XRP now and the other one will soon be notified that a settlement was requested and that they should do it before the end of a deadline for the transaction to be successful. After validation, the trend is ended.
Recently, R3 has built many bridges on the Corda blockchain that have the goal of helping the company to connect its technology better to the other ones.