What is Corda Blockchain? How does it help companies?

Today, numerous industries, including government organizations around the world are using Blockchain technology to move away from the siloed and inefficient system to a more secure, agile and cost-effective platform.

These industries are leveraging the Blockchain Development Solution from the topmost companies around the world.

There are a number of Blockchain Development Companies that are helping businesses with their sophisticated solution. They even help businesses in migrating their application from one blockchain solution to another.

You must be thinking, why I am suddenly talking about migration! This is because, since its inception, the technology has evolved only. And every time the Blockchain Industry has introduced a better version of the technology.

Evolution Of Blockchain Technology

Even though the technology is new, and still budding, the concept is very old. In 1991 Stuart Harber and W. Scott Stornetta proposed a quite similar concept to blockchain technology. They were the first to develop the cryptographically secured chain of blocks with timestamps.

Next year, Bayer collaborated with Harber and Stornetta to improve the design of their solution using Merkel trees.

Year by year, the technology was getting more advanced and then in 2008, Satoshi Nakamoto released Bitcoin Whitepaper, in which he mentioned that the cryptocurrency was built on the blockchain network.

Bitcoin’s underlying blockchain technology is the first-generation technology. This left a lot of scope for improvements in blockchain technology. And there was actually a need for improvement. Because Bitcoin’s blockchain was not perfect, it lack scalability.

This inadequacy gives a chance to Vitalik Buterin and Gavin Wood to build another blockchain network called Ethereum. Compared to Bitcoin’s blockchain, Ethereum was more flexible, as it included smart contracts, which allow developers to code conditions and requirements to create virtual contracts between two parties.

Notably, these blockchain solutions are based on Distributed Ledger Technology (DLT).

And along with time many other DLT solutions have been introduced in the market, Corda Blockchain is one of them.

What Is Corda Blockchain?

Corda Blockchain is like any other blockchain technology available in the market, but enhanced version. Like other blockchain solutions, Corda also secures, manages and synchronizes contracts between financial firms but it does not batch up the transactions into blocks for confirmation. Instead, this technology facilitates each transaction in real-time.

R3, an enterprise-grade blockchain company, developed the Corda software and Corda enterprise platform, along with its member. The concept behind this technology was to shift from the firm’s authoritative system of records to a global authoritative system of records.

The organizations and businesses using this technology can process the transaction directly to other parties, with strict privacy.

As per the Corda Developers, Corda blockchain solution is not exactly the standard blockchain technology. The technology has adopted the best features from other blockchain solutions that are used to develop Bitcoin and Ethereum.

How Corda Is Helping Companies?

Corda Blockchain has many benefits, companies leveraging the technology can attain those perks, let’s have a look at them:

• Privacy: The transaction history of the companies that leverage the Corda solution, is fully encrypted. It is shared only with those parties that are involved in the transaction process.
• Agile & Flexible: Corda is the most flexible and agile blockchain platform that is helping businesses and organizations to meet their needs. If any company is using another blockchain technology, they can easily migrate to Corda enterprise.
• Interoperability: Businesses leveraging Corda technology to initiate a direct, secure and seamless transactions. To date, a number of Corda versions have been introduced in the market and all the versions are free and commercial, which allows the businesses to interoperate with each other on the network.
• Open Development: Corda Community is comprised of robust developers who work on its features, functionality and enhancements.

Conclusion

Compared to other blockchain technologies available in the market, Corda is very different. The technology supports multiple notaries on the same network to increase privacy and to facilitate transactions rapidly and smoothly.