Corda is a solution to any and all frictions in blockchain business by fulfilling the great early promise of blockchain technology while also addressing business needs for interoperability and privacy. For example, it allows businesses to transact directly, eliminating the costly frictions involved in any business transaction. In addition, it ensures that all business parties are always in sync, which in turn provides dramatic efficiency benefits for complex business operations.
To understand what the Corda project is all about, let’s take a deeper look at what it is, its benefits, and how it achieves the privacy it promises.
What is cord?
In short, Corda is an open source project in blockchain business developed by the R3 community. As a result of collaborations between technology partners and financial institutions, Corda was specifically designed targeting businesses from the ground up to serve a variety of purposes. These include:
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Integrate directly into enterprise systems.
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Facilitate rapid implementation of the new process.
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Ensure a smooth transition to new processes.
As a platform, Corda does not contain any cryptocurrency, but rather one that controls existing and proven infrastructure and technology. Thus, Corda does not require mining-style consensus. This results in large costs associated with the small business benefit.
Benefits of Corda in Blockchain World
Based on the aforementioned design goal, the blockchain world should celebrate Corda – because it has created more positive impacts in the blockchain world. The main ones are:
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Allowing parties to transact directly – Through modern cryptographic techniques, Corda has effectively enabled the direct transfer of value as systems agree. These in turn help to eliminate costs and ultimately facilitate and initiate the existence of direct transactions between the parties involved.
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Ensuring and maintaining privacy over transaction history – Maintaining privacy and ensuring integrity and reliability is a major challenge in the blockchain world, Corda has another reason to be celebrated as it offers a solution to the problem. Through its various techniques, Corda guarantees both the reliability and integrity of transactions—confirming competing and conflicting transactions in the transaction history. While doing the above, Corda also ensures that it maintains its privacy.
Jordan’s ways of achieving privacy
With one of Corda’s main benefits in the world of blockchain ensuring and maintaining privacy, it does this by:
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Full encryption- It targets peer-to-peer network for this.
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Key randomization and rotation – It will do this together with automatic identity management while aiming to anonymize transactions.
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Intel Software Security Extensions – Through these, Corda will enclave the technology and ultimately allow records to be verified simultaneously and encrypted for all participants.
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Structuring operations – Corda will structure operations in a Merkle tree, which in turn allows it to discover only selective information.
Parting shot
Since expensive friction is a popular and common phenomenon and a problem in business, there is a need for the blockchain world to embrace Corda as a solution. Corda will eliminate such frictions and in turn will have benefits adapted to the blockchain world, such as having a direct transaction between parties and maintaining privacy over the transaction history. So there is no doubt that Corda is the real solution in the blockchain world.