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Already in 2016 – Corda, an open source company product, was announced by the software developer supported by blockchain R3. Now, he received an additional call application Settler rope which aims to offer and offer most of the services that companies ask to use blockchain technology. Also the colonizer is designed to bring together and work as a translator for a wide range of legal assets and virtual currencies.
Gendal Brown – CTO of R3 added:
"The deployment of the Settler Cord and its XRP support as the first settlement mechanism is an important step to show how the powerful ecosystems cultivated by two of the world's most influential crypto and blockchain communities can work together.
While the settler will be open to all forms of cryptic and traditional resources, this demonstration with XRP is the next logical step to show how the widespread acceptance and use of digital resources can transfer value and make payments. "
As mentioned above, the system uses XRP as a base currency. When a necessary transaction is initiated on the network, a party can request the transaction [which can be instant] while the second is notified for the request.
With the goal of reaching the use of apps on a global scale, the company behind the settlement product is already in partnership with over 200 companies in various industries.
The Rope platform has shown its potential to handle different types and features offered by its applications in many cases, and Corda Settler will work the same way.
"Settler is an open source CorDapp that allows payment obligations arising from the Corda network to be resolved through any parallel track that supports cryptocurrencies or other cryptographic resources, and any traditional binary that can provide cryptographic clearance tests. Rope will verify that the payee's account has been credited with the expected payment, automatically updating the Rope register.In the next phase of development, the settler will support the net deferred domestic balance and the gross cash payments in real time. "- Blog post.
