R3, the enterprise distributed ledger technology (DLT) and services firm, announced the next generation of its flagship platform Corda at its hosted event in New York.
The updated version has been “designed for global financial market infrastructure providers and central banks to enable applications to interoperate seamlessly and securely across other open enterprise DLT networks.”
R3, in partnership with Adhara, “has also launched a Hyperledger Foundation Lab – Harmonia – to accelerate the development of interoperability protocols for regulated financial institutions.”
Harmonia will address “the constraints and requirements of regulated financial networks to achieve true atomic settlement across blockchain networks.”
It was “informed by HQLAX and Fnality, which demonstrated the world’s first proof of concept trustless atomic DvP (Delivery versus Payment) repo settlement between Corda and Hyperledger Besu.” This will “bring regulated markets one step closer to safe and secure enterprise DLT interoperability.”
R3 Co-Founder and Chief Strategy Officer, Todd McDonald, said:
“As a trusted partner to global financial market participants, we are committed to enabling an open, trusted and enduring digital economy – and the next generation of Corda is the next step in delivering on this mission. We believe this economy will be built upon an interconnected ecosystem of multiple DLT platforms, where apps will transact seamlessly and securely across networks – not isolated or walled gardens of ‘public’ or ‘private’ networks. We are already seeing demand for Corda’s enhanced capabilities from central banks exploring CBDCs for cross-border payments and wholesale settlement.”
Daniela Barbosa, Executive Director of Hyperledger Foundation, said:
“Building for the future is best done together and requires cross-industry collaboration to enable the interoperability that will drive widespread adoption of DLT as a transformational technology. The Hyperledger community is at the forefront of technical innovation in blockchain interoperability. We are excited R3 and Adhara have contributed Harmonia to Hyperledger Labs as we truly believe in working openly and cooperatively to build the critical common software core for next generation deployments.”
Richard Gendal Brown, Chief Technology Officer at R3, said:
“The need for interoperability between DLT networks is well known throughout the industry. Enabling diverse ecosystems to connect and innovate avoids vendor lock-in and helps overcome the siloed infrastructures that regulated markets are forced to rely on today. Our collaboration with Hyperledger Foundation is testament to the belief that open industry collaboration across the distributed ecosystem is critical to reimagine the current standards surrounding the movement of digital assets and currencies across chains.”
Corda is already “deployed by hundreds of institutions operating at scale in global regulated markets, including DTCC, Euroclear, the Central Bank of UAE, SIX Digital Exchange (SDX), and Spunta Banca DLT.”
On top of R3’s commitment to delivering regulatory-friendly open interoperability, the underlying principles “guiding the development of the next generation of Corda includes features informed by R3’s in-production customers, including scalability, high availability, enhanced privacy and security, and developer-friendly tools.”
It’s also distributed “as a single open-source codebase to foster developer contributions and reduce total cost of ownership.”
Julio Faura, CEO at Adhara, said:
“Adhara’s intraday liquidity and payments solutions are built on the belief that the new wholesale digital ecosystem will comprise a set of complementary connected business platforms operating on different technologies. Following our role in last year’s cross-chain repo swap pilot across Corda and Enterprise Ethereum alongside Fnality and HQLAX, we believe the Harmonia Lab is a natural step forward. It will provide an important building block to accelerate the industry’s development of wholesale interoperability protocols.”
Next-Gen Corda is “available today as public beta.”
R3 invites feedback “from new and existing users on the principles that underpin the next generation of Corda as they start to build the next wave of distributed networks.”
