R3’s Corda Network goes cordless
It’s independence day as R3 has launched Corda Network, an underlying, open shared blockchain network linking participants using Corda.
To keep things cool with the kids, the network will be operated and managed by a new independent not-for-profit organisation, the Corda Network Foundation.
David E. Rutter, CEO of R3, says: “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.”
For example, the network allows for the transfer of data and digital assets between communities of nodes (business networks) and different CorDapps.
This means participants can create private ecosystems within their organisation, or with trusted commercial partners, while remaining interoperable with the wider Corda community where appropriate.
R3 explains that relevant information can be shared between applications and organisations. Corda Network also includes identity verification and privacy services.
Governance and the work encouraging adoption of Corda Network will be transitioned over to the new Corda Network Foundation.
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”.