Ripple’s Launch of the R3 Corda Network and the Corda Network Foundation is Here

It was confirmed yesterday that r3’s much anticipated Corda Network is up and running. The CEO of r3, David E. Rutter, had this to say:

Participants will be able to build their systems to suit their exact needs and ensure the security of their data, while still benefiting from the advantages of a universal network…

Applications on Corda are seeing wide adoption throughout industries. Corda Network is the next step in bringing these networks together to make these applications even more efficient and effective.”

This network will allow for data transfer and settlement of funds between communities of nodes through the CorDapps within an organization or trusted commercial partners, while still remaining interoperable throughout the Corda community as a whole.

Because of this, Corda has increased its partnerships with government and privates companies and organizations due to its safety and multi-use utility on a global scale. Their official website has reported partnerships with over 250 organizations worldwide, including giants such as Amazon Web Services, Intel, Citibank, and HSBC.

In order to maintain the integrity of this new Corda network, r3 announced in conjunction that a non-profit organization by the name of Corda Network Foundation has also been created to oversee the Corda Network independently. Their press release stated:

“The Foundation’s board will be comprised of directors drawn from participants on the Network and elected by members of Corda Network. It will operate independently of R3 and its decision making will be transparent and available to all network members.”

@XRPCenter attempted to end any user doubt with this comment:

“It means that, as of today, all the obligations arising on the Corda ecosystem could be settled with XRP if the participants choose to do so, as XRP is already integrated in the Corda Settler.

It doesn’t necessarily mean that XRP is already being used.”

Introducing Corda Network. Read our press release to learn all about it! https://t.co/5vsraSaurK pic.twitter.com/MxxvWVhDoy

— R3 (@inside_r3) January 16, 2019