Preface – This post is part of the Blockchain Basics series.
Table of Contents
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:
- International Bank Transaction
To implement cross border payment without any third party involvement, a bank can use R3 Corda based network to implement it.
- Construction Industry
To share information between multiple sub-contractors, we can submit the information related to construction on Corda Blockchain.
- Healthcare Industry
Healthcare Industry has following two possible use cases to implement blockchain:
- Health records exchange
- Health Claims management
Merits of Corda Blockchain
Following are the merits of Corda Blockchain Network:
- Agile and flexible
- Open development
- Open design
Demerits of Corda Blockchain
Following are the demerits of Quorum blockchain:
- Questionable affair for many companies