R3 Corda Platform Introduction

Introduction

Corda is an open source private blockchain platform, introduced by R3 that integrates the existing proven technologies such as relational database, Java Machine (JVM) in blockchain for ERP and business solutions.

Corda has published a whitepaper to discuss the underline technologies; you can read the Corda: A distributed ledger Whitepaper here.

How R3 Corda Works

In Corda network, a node firstly undergoes a KYC process to obtain identity certificate. When this node joins the network, they publish this certificate including their legal name, their IP address, public key and some other information. Then the nodes communicate point-to-point using TLS encrypted messaging.

R3 Corda Use Cases

R3 Codra is one of the most used Enterprise based blockchain network. Following are some of the common use cases:

  1. International Bank Transaction

To implement cross border payment without any third party involvement, a bank can use R3 Corda based network to implement it.

  1. Construction Industry

To share information between multiple sub-contractors, we can submit the information related to construction on Corda Blockchain.

  1. Healthcare Industry

Healthcare Industry has following two possible use cases to implement blockchain:

  1. Health records exchange
  2. Health Claims management

Merits of Corda Blockchain

Following are the merits of Corda Blockchain Network:

  1. Privacy
  2. Agile and flexible
  3. Interoperability
  4. Open development
  5. Open design

Demerits of Corda Blockchain

Following are the demerits of Quorum blockchain:

  1. Anonymity
  2. Questionable affair for many companies

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