Corda is an enterprise Distributor Ledger firm that pioneers in blockchain technology. Corda develops blockchain applications that help in analyzing and processing sensitive data from multiple parties.
What is meant by a Distributing Ledger?
A Distributor Ledger or a blockchain is a decentralized database system. This system helps two unidentified parties maintain a general consensus about the existence and evolution of the shared set of facts.
Corda as a Distributing Ledger
Corda is a premium distributor ledger platform that can help identifiable parties with the automation of their legal agreements. Although the ledger is meant primarily to be used in financial transactions, it also has other broader applications.
Examples of Distributor Ledger Use in Cryptocurrency
- Bitcoin: In Bitcoin transactions, participants are unaware of each other’s identities, but they agree upon certain things such as
- The amount of Bitcoin present in the blockchain
- Blockchain addresses used by each of them
- What to do in case a party spends Bitcoin without taking another party in trust, etc.
- Ethereum: Participants come to a consensus about the state of virtual computers without trusting each other.
Use of Blockchain in Financial Transactions
In commercial activities, financial parties have to make multiple contracts with each other. These contracts are needed to be recorded in various places on various databases. This whole process is not only time-consuming, but it also requires a lot of resources. With R3 Blockchain technology as an alternative, these transactions can be stored easily and securely without an extensive consumption of resources.
How can R3 Blockchain Help Businesses?
R3 Blockchain consists of a sophisticated IT infrastructure consisting of
- Application servers
- Messaging engines
- Workflow managers.
These are unified into a secure and private framework that can function efficiently across the business ecosystems. Incorporating this R3 Blockchain technology will help businesses reduce errors and extra reconciliations, thus making the process cost-effective.
Essential Characteristics of an Enterprise Blockchain
Like R3 Corda, an enterprise blockchain system must have the following key characteristics:
- An integrated messaging, workflow, and data management infrastructure
- A “mega-ecosystem” for maximizing skills and code reuse
- Ability to eliminate unnecessary data itself so that new business opportunities can be unlocked and the legitimate owners can freely move the real-world assets
- An entity-level identification system in its programming model to enable legal and secure transactions
- Support provision to inter-firm workflows regarding negotiating updates on the shared ledger. This will help in supporting the real-world business scenarios
- Moving to the public cloud without involving any high-risk technologies, etc.
Integrating Different Concepts for Creating an Ideal Blockchain Platform
An ideal enterprise blockchain platform must consist of the following core concepts, i.e.,
- Application Server
- Messaging Engine
- Workflow Managers
- Asset Ledger
- Decentralized Database
Ideal Enterprise Blockchain as an Application Server
An ideal enterprise blockchain should allow writing applications that can be shared among the transacting parties. This will save the participants’ time as the application will have to be written only once instead of multiple times. In this way, costs and efforts will be minimized, and trading partners can run their version of the written application. Thus, they can maintain their books and records.
Blockchain Features that can Work as Application Server
The Blockchain contains features such as “Cryptographic Chains of Provenance.” This feature works for all the data in the system and is secure, productive, and cost-effective.
Ideal Enterprise Blockchain as a Messaging Engine
Large companies use messaging systems for linking computers and application systems to each other. When two trading partners share applications among themselves, there must be an established communication between the applications running on different firms’ nodes. All the involved parties should be able to communicate with each other instantly while using their legal names.
Corda has helped business institutions by providing them with a messaging engine. As large commercial companies avoid multiple connectivity platforms, providing them with a platform that allows them to operate under a global namespace can be a good alternative.
Ideal Enterprise Blockchain as a Workflow Manager
A perfect enterprise blockchain should allow enterprises to establish an “inter-firm workflow automation technology” setup. This will help reshape the business processes within and across the firms. Deploying this workflow manager in a programmable and straightforward language can help each participant automate their desired work.
R3 Corda as an Ideal Blockchain Workflow Manager
R3 Corda is providing its Blockchain services in the form of “Flow Framework.” This framework is based upon Java language and can help businesses in the establishment of a seamless workflow.
Ideal Enterprise Blockchain done as An Asset Ledger
Like a successful enterprise blockchain layer that needs to be based on legal names, the machines running the business logic, i.e., the actual nodes, should also be linked with a specific legal entity. This whole framework consists of three things:
- Legal prose
- Identity-driven messaging
- Association of the legal entity with nodes.
With this framework, the businesses can issue the assets and form the contracts directly. With Blockchain, all of these assets can be transferred among the participating members in real-time with ease.
Ideal Enterprise Blockchain as a Decentralized Database
With the previous Blockchain versions, although they were decentralized, all the transactions were performed on trust. But with an ideal enterprise blockchain such as Corda, the participants won’t rely on faith only. Instead, they will also verify the provenance of data.
Each participant part of this decentralized database has access only to the database whose transaction it is the part. If someone wants to make changes to that data, they will have to follow the blockchain rules. Also, the participant (to which that data belongs) will be promptly notified about any changes made.
Ideal Enterprise Blockchain as a Cloud-Oriented Platform
Nowadays, businesses are relying upon technology for the proper storage of their data. Instead of depending upon hardware storage, enterprises are shifting towards cloud technology. Corda provides businesses with a suitable cloud platform that supports hardware security technologies.
With hardware security technologies in place, users can deploy Corda’s applications on the public clouds, such that
- the participants cannot participate in transaction verifications
- they cannot access historical transactional information.
Although there are limitations, Corda’s cloud platform does not impose any material restrictions on the business logic.
Need R3 Corda for Your Company?
R3 Corda is one of the most sophisticated blockchain platforms available in the market. We at Alysidia provide an opportunity to the pharmaceutical and medical device manufacturing companies by providing them with Corda services. By acquiring Corda, your company can excel in record management, and there wouldn’t be any need for taking extra measures in record keeping. Get your Corda services today by visiting us at our website www.alysidia.com.