R3CEV To Open-Source Their Corda Blockchain Platform

R3 has finally shared the details of their work on their financial solution for banks, Corda, based on distributed ledger. The blockchain startup R3, founded in late 2015, leads a consortium of 42 major banks and financial institutions with the single aim – to provide banks the opportunities of the disruptive technology in a way that will help banks to be more efficient.

The project’s details were introduced in R3’s blog by company’s head of technology, Richard Brown:

“Corda is a distributed ledger platform designed from the ground up to record, manage and synchronise financial agreements between regulated financial institutions. It is heavily inspired by and captures the benefits of blockchain systems, without the design choices that make blockchains inappropriate for many banking scenarios,” he wrote.

According to R3’s blog post, the approach to the platform’s development has been derived from specific needs of banking. And the banks’ business problem is quite a bit different to “how do I create a system where nobody can stop me spending my own money?”, the one that bitcoin solved. As Brown suggests, the blockchain technology allows distrusting actors “to reach consensus about the existence and evolution of facts shared between them” and the “important ‘shared facts’ between financial institutions are financial agreements”.

Currently, millions of dollars are being spent by financial firms to record and to reconcile the details of their mutual financial agreements. So, what Corda does, further explained Brown, could be described by the following scheme:

“What I see is what you see and we both know that we see the same thing and we both know that this is what has been reported to the regulator”.

Finally, R3’s CTO announced their plans to “release the core platform as open source”.

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