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R3, a blockchain software company, Enterprise, recently announced that it will support Ripple's XRP on its platform. The information transmitted on December 5 also confirmed that the platform will have XRP as the first encryption supported on its new universal payment platform.
CorDapp, the new open source application allows users to regulate payment obligations. Those will have to hoist on the rope blockchain via any parallel payment track. These can support cryptocurrencies or resources or any "traditional" payment rail that can provide cryptographic evidence of settlement.
The system works as follows; first of all, the beneficiary receives the credits on his accounts. Next, the new CorDapp automatically updates the Ledger book accordingly. Furthermore, the message confirmed that their new version will aim to support the national postponed net balance.
Richard Gendal Brown, R3 Chief Technical Officer shared an official comment on recent development. He said: "The deployment of the Settler Cord and its support for XRP as the first settlement mechanism is an important step in showing how the powerful ecosystems cultivated by two of the most influential communities of cryptocurrencies and blockchains can work together" .
Previously, in September, companies had confirmed the agreement between Ripple Labs and R3 Consortium. "Cooperation between the two industry giants is the next logical step to demonstrate how it is possible to gain acceptance and widespread use of digital resources to transfer value and make payments," Brown said.
More information on Corda
The UK's first major bank, Standard Chartered had worked with the largest private bank in Brazil. The goal is to develop a special platform for small loans that will be based on Corda. Also, at the beginning of this month, SBI Ripple Asia reported that they are working on a demonstration of the concept with the Japan Payment Card Consortium. The project aims to combat fraud. Reportedly, it uses the Corda platform.
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