“Blockchain for every business in every industry!” Applications for industries such as insurance, healthcare and shipping live at launch.
Enterprise software firm R3 has launched Corda Enterprise, a commercial version of Corda – R3’s open source blockchain platform – specifically optimised to meet the demands of modern day businesses, especially complex institutions.
“With the launch of Corda Enterprise, companies can now select a version of Corda that fits their unique needs – regardless of their industry, size and stage of development. This means a wider range of institutions can realise the full potential of blockchain – executing complex logic and exchange of assets directly, simply and in strict privacy, without the need for costly reconciliation or a trusted intermediary.” the company says.
Corda Enterprise includes the world’s only Blockchain Application Firewall, which enables the platform to be deployed inside corporate data centres while retaining the ability to communicate securely with other nodes anywhere else in the world. This is a critical requirement for many businesses when selecting a blockchain platform.
Corda Enterprise unlocks new opportunities for R3’s partner firms to expand their business, deliver new products to market faster and transform the industries in which they operate. Applications developed by partners such as Finastra, Gemalto, Guardtime, GuildOne, TradeIX and Tradewind Markets are now live on both Corda Enterprise and Corda, serving a rapidly growing community of end users in sectors as diverse as insurance, healthcare, shipping and financial services.
Interoperability is a key aspect of the platform’s design. Its applications and services run across a common layer of identity, consensus and governance. This means businesses can transact openly and flawlessly with all their business partners, without trapped assets or islands of information. Corda and Corda Enterprise are fully interoperable, meaning companies using either can trade with each other, and that one organisation can run both platforms seamlessly across different divisions.
Additional features include:
. Optimised for real-world corporate IT environments: Including 24/7 support, predictable release schedules, governance, performance and availability monitoring, enhanced security, high-availability, disaster-recovery and high-performance modes.
. Support for Oracle and SQL Server databases: Facilitates seamless integration with industry-standard enterprise databases.
. Compatibility: Cross-distribution and cross-version wire compatibility, together with the ability to operate mixed-version networks and a Corda node inside a corporate firewall.
Not all businesses can realise the full potential of blockchain because of technical constraints like their existing IT systems and complex infrastructures, as well as issues around privacy, scalability and interoperability between systems. ING teamed up with long-standing partner software firm R3, to fix this.
“We worked with R3 to develop Corda Enterprise, a commercial version of R3’s existing blockchain platform, which aims to help a wider range of businesses use blockchain in their sector. It has a blockchain application firewall – the world’s first – that makes it safe for companies to use the technology inside their corporate data centres without comprising their data security. This unlocks new opportunities for companies to disrupt and transform the industries in which they operate.”, according to the press release.
Ivar Wiersma, Head of Innovation ING Wholesale banking comments: “With the launch of Corda Enterprise, we can now deliver the security, privacy and reliability features that customers and regulators expect from financial institutions. It enables us to realize the potential of distributed applications in enterprise grade IT production environments. This is a massive step towards unlocking the full potential of Distributed Ledger Technology.”
Richard Gendal Brown, CTO at R3, comments: “Traditional permissionless blockchain platforms, in which all data is shared with all parties, have issues around privacy, scalability and interoperability that render them largely unsuited for global business. This is the problem Corda was designed to solve and it is gaining adoption at a rapid pace across a range of industries. However many enterprises – especially larger ones – face unique technical constraints. Corda Enterprise fine tunes Corda for these firms so that they can adopt blockchain technology in a way that is straightforward and natural. The launch of the platform is a watershed moment for business blockchain technology.”
Jacqueline Morcombe, Global Solution Lead, Lending, Finastra comments: “Finastra selected Corda to build our blockchain-based solution, Fusion LenderComm, due to its strong levels of privacy and security. This enabled our team to build a secure solution which streamlines information exchange between agent banks and lenders, driving transparency and efficiency in the syndicated loan market.”
John Velissarios, Managing Director, Global Blockchain Technology Lead, at Accenture, comments: “Corda Enterprise marks the beginning of a new phase for the blockchain industry that will allow businesses to build enterprise-grade applications securely using cutting-edge technology. As blockchain becomes increasingly mainstream, we believe Corda will emerge as a true market leader across the financial industry and beyond.”
Michael Reed, Senior Director of Blockchain Solutions at Intel Corporation comments: “Intel is actively collaborating with R3 to address the privacy capabilities businesses require to accelerate blockchain adoption, using silicon-based technologies like Intel® Software Guard Extensions (Intel® SGX), which can help improve the privacy and security of blockchain solutions.”