The long-awaited Corda Network (CN) has finally been launched by the blockchain enterprise software company, R3. The Corda network will be managed by a newly created non-profit organization called the Corda Network Foundation.
R3 announced the news in a Press release January 16, 2019, stating that the newly created foundation will assume governance and will work to encourage growth and the adoption of the Corda network.
The Corda network
Corda Network is the open network of shared blockchain that connects participants using Corda such financial institutions, banks, trade associations, fintech companies and other commercial activities. It provides a common level of identity and consensus among the participants who use Corda that allows interoperability between them on the network.
Corda Network also allows the transfer of digital data and resources between corporate networks and CorDapp so that interoperability can be maintained between private ecosystems within individual organizations or businesses.
The sharing of information between different applications and organizations is very efficient thanks to the interoperability and security thanks to the verification of the identity and to the privacy services that guarantee the security of all the participants in the network.
In addition, Corda Network is openly governed to allow the participants to join Rope and to help developers develop new applications for Rope and Rope Enterprise.
Rope has already achieved a series of collaborations from private and governmental companies and organizations. For example, Corda's partnerships with over 250 companies and organizations include Citibank, HSBC, Huawei, Infosys, Intel, Amazon Web Services (AWS), and more.
All in all, the launch of Corda Network is a very big development for R3 and will be the catalyst that will drive the blockchain enterprise software company in the future, as the companies mentioned above use their services.
The Rope Network Foundation will operate independently of R3, with its board members drawn from network members elected by members of the Corda Network.
For the press release, R3 CEO, David E. Rutter spoke about the launch of Corda Network and the Corda Network Foundation and explained Corda's mission:
Corda's mission has always been to find a way for companies to take advantage of the blockchain promise of open, frictionless sharing and global interoperability. The launch of Corda Network and the Corda Network Foundation illustrate this goal perfectly. Participants will be able to build their systems to meet their exact needs and ensure the security of their data while still enjoying the benefits of a universal network.
Expanding what was said above, Rutter said:
The applications on Corda are witnessing widespread adoption in all industries. Corda Network is the next step to bring these networks together to make these applications even more efficient and effective.
What does the Rope XRP network mean?
Now that the Corda network is active, the XRP community and fans can check another result from their list, since XRP is the first cryptocurrency supported by the Settler rope application, which will be strongly influenced by the Corda network.
This is beneficial for XRP because the Corda network allows digital resources and data to move easily and securely between the companies that run Corda or Corda, including the companies that run Corda Settler.
Therefore, any decision made by the Corda Network Foundation will be reflected on the ledger, the CorDapp and potentially on the XRP owners who use the services of Corda colony.
In addition, the XRP Research Center took on Twitter to share their excitement for the launch of the Corda network and the potential for private DLT apps to be solved with Corda Settler using XRP.
January 16, 2019.
* * BREAK
1) Launch of the "CN" rope network.
2) CN now connects the "CE" Enterprise Rope (private DLT app) <-> Rope (public CordApps).
3) So, CE * could * now settle with Corda Settler (#XRP).
4) CN Foundation was created for the management of the CN.
– XRP Research Center (@XrpCenter) January 16, 2019
Now that Corda Network is active, will we see big companies and business organizations building Ralls and services? When will this development impact XRP, if at all? Let us know what you think in the comments section below.