r3 Launches Corda Network Along With A Non-profit Organization ‘Corda Network Foundation’

For a while now, the Ripple community has been waiting for news about the partnership between r3 and Corda Network. Thanks to the partnership, the Corda Network will be controlled by an independent non-profit organization known as the Corda Network Foundation. The product of the partnership is a payment settlement system and it has finally arrived. By taking over the platform’s governance, Corda Network Foundation will promote the adoption of the Corda Network.

The press release was as follows:“The Corda foundation board will be made up of directors from the Corda Network. It will be an independent body and its decisions will be transparent and available to every member of the network.”

David E. Rutter, the CEO of r3 had this to say about the settlement network:
“Interested members will build their systems on the platform to meet their needs and make sure that their data is secure while they still enjoy the benefits of using a universal network. Applications hosted on Corda are being widely adopted in the industry. Corda Network is bringing different networks together to provide the production of more efficient applications.”

XRP (XRP) Price Today – XRP / USD
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The Corda Network allows settlement of funds and data transfer between nodes. The node communities could be made up of a collection of business networks or private networks and it can be done through the CorDapps. Organizations can transfer data and perform transactions either within the organization or within several organizations while they remain interoperable with the community as a whole.

Corda has seen a surge in adoption as they have partnered with several government and private organizations. According to their official website, the company has successfully sealed up to 250+ organizations around the world. These include big companies like HSBC, Amazon Web Services, Infosys, Citibank, Intel, Capgemini etc.

A user with the handle @XRPCenter said:“R3 developed two products:1. The Corda Enterprise permissioned blockchain that will be used by private firms.
2. The Corda: an open source decentralised system that developers can use to build decentralized applications.
Corda Settler or CorDapps can be used to settle payment obligations that arise on Corda with XRP.”

He went on to clear the doubt some users may have about the network by saying:
“What this means is that from today, all the obligations that may arise in the Corda environment can be settled with XRP as long as participants decide to settle it. Already, XRP has been integrated in the settler. This doesn’t necessarily mean it will use XRP.”

XRP (XRP) Price Analysis

At the time of writing, XRP was trading at $0.328131. This shows that it is down by 0.05% against the USD and down by 0.91% against Bitcoin. The trading volume over a 24 hour period is 405,670,121 and the market capitalization $13,466,621,398. The news from r3 hasn’t influenced the price of Ripple in anyway. XRP is still stuck in a descending trend line every other cryptocurrency in the market.

Do you think the r3 and Corda Network settlement platform is going to have a significant impact in the traditional financial system?

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.


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