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Hello? Corda?
by Paweł Lal

Posted on

Hello? Corda?

Hello? Corda?

We more and more often hear about blockchain technology, which primarily provides security. It is worthy to use its blessings in our business, but which platform to choose? What if there is already a technology, created specially to meet business needs? Well, there is – its name is Corda!

What exactly Corda is? It is a blockchain platform with an open sources code, used for the registration, management and synchronization of transactions and contracts. It is an effect of cooperation between R3 with over 200 technology and sector partners (among others Intel, Microsoft, Oracle or Commerzbank), designed to meet business needs from the scratch. As a result, Corda lets to build interoperable blockchain networks (which means possibility of interactions and integration with other systems), which execute payments in respect of privacy.

Typical blockchain platforms keep encrypted data in blocks and they send it to all network users. Corda is a distributed ledger technology, letting direct (point-to-point) information exchange, where only users who took part in the transaction have an access to.

In Corda, access to network have only registered users which allows to identify their identity – already on the level of joining this type of network, users are accordingly verified and certified by the owner. This procedure helps to avoid situation when, in the future, one of the sides would like to question its participation in the transaction/deal.

While taking part in transaction we have to be sure that final result will be identical for both sides and there will be no chance of deleting/withdrawing it. These chances Corda may assure you with. What is more, it also holds the mechanism of prevention, so called Double Spending, by which user wants to use the same measures in the same transaction, with a use of special group of machines (notaries).

Corda is based on tested technologies, helping in integration with components on the big scale, which matters in order to support complex business processes. It is worth mentioning that apps written on this platform (CorDapps) uses virtual Java machine (Java Virtual Machine), which helps to use such popular programming languages like Java and Kotlin.

 

The most important features describing Corda platform are:

  • privacy,
  • finality of transaction,
  • identified users,
  • possibility of scaling,

To sum up, the exceptional approach  towards above described issues makes it a complete platform created not only for business purposes. It has been constantly developing, and what is more, available for free. If you want to get to know it better connected with this technology, visit https://www.corda.net/ to get more information.

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