We’ve bot flattered by all the attention Corda has received this past week. It’s just too bad the story isn’t a story.
The kwestie of semantics is always a challenge spil fresh ideas, technologies and cultural phenomena work their way into mainstream consciousness and the media. Rewind a few years and who would have thought the Oxford English Dictionary’s definition of ‘meme’ would be updated to refer to a picture of a grumpy cat or a sad Michael Jordan on Instagram?
When wij launched R3 ter 2015, wij were among a handful of companies inspired by the technology underpinning bitcoin, known spil blockchain, and its potential application to wholesale financial markets. Conversations ter boardrooms and the media revolved around blockchain, which at that point wasgoed the most pertinent example of distributed ledger technology ter the mainstream consciousness.
Humans are creatures of habit. Spil time went on, the term blockchain came to be associated with any type of distributed ledger, even spil the technology matured and evolved to meet the needs of different groups of users. This isn’t an punt unique to our space. The marketing team at Canon vereiste have spent innumerable hours working out how to zekering people referring to all copy machines spil Xeroxs.
While wij were almost certainly guilty of slipping into this semantics trapje now and again, we’ve said from the beginning that Corda is a distributed ledger podium, not a traditional blockchain podium. It wasgoed never designed to be one.
At the outset our architecture team identified its very first priority to be to determine whether to adopt, adapt or build. Waterput simply, if wij found another toneel presently te the market that wasgoed getraind for purpose for regulated financial institutions, such spil a traditional blockchain, wij would have had no need to build our own and wij would have gladly adopted it wholesale or adapted it spil necessary.
Blockchains are specific lumps of software originally built to treat transactions of virtual currencies such spil bitcoin and ether. Together with our bankgebouw members, wij realised early on that this technology could not be applied blindly to wholesale financial markets without careful consideration: switches vereiste be made to please regulatory, privacy and scalability concerns. And that is what wij have done with Corda.
Corda’s open source distributed ledger technology wasgoed designed from the ground up to address the specific needs of the financial services industry. It is intensely inspired by and captures the benefits of blockchain systems, but with vormgeving choices that make it able to meet the needs of regulated financial institutions.
Crucially, Corda restricts access to gegevens within an agreement to only those explicitly entitled to it, rather than the entire network. And financial agreements on Corda are intended to be enforceable, linking business logic and gegevens to associated legal prose te order to ensure that the financial agreements on the podium are rooted stiffly ter law.
Corda wasgoed designed from the ground up to address the specific needs of the financial services industry. There are presently very few tangible examples of distributed ledger platforms ter the market – and none that were developed with overheen 70 global institutions from all corners of the financial services industry. It is unique and its launch wasgoed a landmark uur for the market.
When is a blockchain not a blockchain? When it’s Corda.