R3 expanding vision in blockchain ecosystem
According to the example given by the R3’s current CTO Richard Gendal Brown, Travel agents, airlines, hotels, resorts from all over the world can reach to an accord about which airlines seat and hotel rooms have been reserved, knowing that all the data that is shared is the exact same to everyone.
Mr brown has stated that Corda has spiked the interest in people coming from a various industrial background such as people from government, healthcare, finance etc. The new positioning of the system will come at a time when all the hype of 2016’s Business researching blockchain has settled.
- R3 was one of the first company to promote and encourage the idea of the members-only blockchain
- Mr Brown describes the vision as an open shared community but personal, secured and permissioned.
- According to Richard Brown, the staff of R3 Corda were immensely motivated by the Ethereum’s target of the participants all running on the same exact business logic while annihilating all the silos and friction between different software’s.
- However, on the other hand, the worldwide broadcast design of the public blockchain networks necessary in a trust less system like bitcoin is objectionable to the enterprises.
- In order to handle this problem, the governing Corda design sought to decrease the amount of data that has to be shared among the participants, while convincing someone that something is accurate and precise.
- Another problem of Corda other than keeping the data private includes sharing the data through the internet. Many companies actually have their own highly secured and well-structured data centres which run their applications on their own system behind lots of secured firewalls.
- In order to solve this matter, the Corda node runs all the data of the particular bank or airline or firm on the cloud system owned by the firm itself which is highly secured by the firm itself.
- R3 takes a same tiny piece of the node which is called as float and allow it to float away from the main node to the demilitarized zone. This tiny piece of the node is highly secured and protected.
- Before the press release of The Corda, R3 has recently shipped 3.0 version of the open source version featuring the wire stability.
- One of the versions of Corda 3 node installed to a network will be compatible to all the future series of Corda which will be the plus point as no one would have to upgrade and update the entire system.