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NEWS
R3 unveils v1.0 of distributed ledger platform Corda
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lockchain-inspired consortium R3 has announced the launch of version 1.0 of its Corda distributed ledger platform.
The firm has labelled the release “a major milestone” for the development and implementation of applications on the platform, named “CorDapps”. The codebase for the platform has been developed in collaboration with 50 R3 member firms.
Corda was originally released as an open source platform in November 2016. R3 has said that the core API in the system has achieved “stability” and the foundation of the platform is now complete. CordDapp developers can now start working on application for v1.0 without worrying that any future work will inhibit their products.
Corda, the R3 consortium’s flagship service, enabled businesses to make transactions using smart contracts. Still an open source platform, third parties can build upon the system and earn revenue from new applications using Corda’s core code.
The release of Corda is “a major milestone” for blockchain-inspired R3
“This is a significant moment for the evolution of distributed ledger technology. Most other platform providers don’t commit to this,” said Richard Gendal, CTO of R3.
“Their early adopters risk being trapped in evolutionary dead ends as the platform evolves in incompatible ways. With Corda v1.0 we are protecting CorDapp developers from this fate – this is the firing of the “starting gun” for real development and deployments to start in earnest.”
David Rutter, CEO of R3, added: “Corda is the most inclusive, open platform in the marketplace, and the launch of v1.0 signals to our rapidly growing ecosystem of partners that they can build on the platform with complete confidence.”
Investment, fake news and new names
In May, R3 secured the largest DLT investment in the industry, raking in $107 million. Investors included SBI Group, Bank of America Merrill Lynch, HSBC, Intel and Temasek. A month prior, it was discovered that the consortium had denied an application from Russian lender Sberbank due to US sanctions.
A report by local publication Kommersant refers to a source close to the matter. R3, it says, indicated to the bank that it will not allow it to join the group while US sanctions on Russian banks are still in place.
Kommersant was told in late 2015 that Sberbank had plans to join R3, ostensibly because it wanted to work with major firms like JP Morgan, Goldman Sachs and Credit Suisse. Lev Khasis, First Deputy Chairman of the Executive Board at Sberbank, indicated to the publication at the time that the bank had been unofficially told by R3 that its application would be rejected.
In February 2017, a slide from an R3 presentation was leaked on Reddit, seemingly implying that the consortium wasn’t all-too- bothered about blockchain. The discovery led to a certain level of mockery from the community, with claims that the consortium had done “an inside job” on Bitcoin.
R3 co-founder Todd McDonald rode to the rescue in a blog post. Decrying the issue as “fake news” and calling media treatment of the leak “BS”. Rutter, in another blog post, wrote: “Humans are creatures of habit. As time went on, the term blockchain came to be associated with any type of distributed ledger, even as the technology matured and evolved to meet the needs of different groups of users.”
www.ibsintelligence.com | © IBS Intelligence 2017
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