R3 initiates Corda Network, An Open Infrastructure Run By Not-For-Profit

R3 initiates Corda Network, An Open Infrastructure Run By Not-For-Profit

R3 has launched Corda Network, an open-shared blockchain network linking participants using Corda. Corda Network will be operated and managed by a new independent not-for-profit organization, the Corda Network Foundation.

Corda Network provides a common layer of identity and consensus for participants on Corda and Corda Enterprise. It is an open-shared infrastructure, which enables compatibility between participants on the network.

Corda Network allows for the transfer of data and digital assets between communities of nodes and different CorDapps. Participants can therefore create private ecosystems within their organization, or with trusted commercial partners, while remaining inter-operable with the wider Corda community where appropriate. Relevant information can be shared between applications and organizations, creating efficiencies and avoiding duplication. Corda Network also includes identity verification and privacy services to ensure that participants can safely operate on the network.

It provides a global and openly governed network enabling low-friction on-boarding of participants to Corda, as well as helping developers quickly, securely, and economically develop new applications for Corda and Corda Enterprise.

Governance and the work encouraging adoption of Corda Network will be transitioned over to the new Corda Network Foundation. The Foundation’s board will be comprised of directors drawn from participants on the Network and elected by members of Corda Network. It will operate independently of R3 and its decision making will be transparent and available to all network members.

“Corda’s mission has always been to find a way for enterprises to benefit from blockchain’s promise of open, frictionless sharing and global interoperability,” said David Rutter, CEO of R3.  “The launch of Corda Network and the Corda Network Foundation illustrates this aim perfectly.”

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