R3’s blockchain software Corda, developed by the Fintech startup alongside 70 of the world’s biggest banks forming the R3 consortium, is now available on Microsoft’s cloud computing platform, Azure. Announced quietly last week, the revelation comes soon after Corda’s code was contributed to the Linux…
R3’s blockchain software Corda, developed by the Fintech startup alongside 70 of the world’s biggest banks forming the R3 consortium, is now available on Microsoft’s cloud computing platform, Azure.
Announced quietly last week, the revelation comes soon after Corda’s code was contributed to the Linux Foundation-led Hyperledger Project on November 30. R3 first announced its decision to go open-source with Corda, the product of its Concord blockchain product, in October this year.
Elaborating on R3’s year-long development, Richard Brown, technology chief at R3 claims:
Corda is a distributed ledger platform designed from the ground up to record, manage and synchronize financial agreements between regulated financial institutions. It is heavily inspired by and captures the benefits of blockchain systems, without the design choices that make blockchains inappropriate for many banking scenarios.
Corda’s availability is the latest offering and addition of Microsoft’s blockchain services toolkit called Project Bletchley. First announced in June 2016, Project Bletchley is Microsoft’s endeavor to push for “an open, modular blockchain fabric powered by Azure.” Fundamentally, Microsoft is looking to provide comprehensive solutions with blockchain technology for customers on various platforms, as Blockchain as a Service (BaaS).
Microsoft’s announcement includes a demo offering of Corda via virtual machine image. While this author hasn’t tried the demo prior to publishing, Microsoft claims the demonstration will showcase Corda’s capabilities through real-world scenarios such as interest rate swap deals. Details reveal that deployment will take 3-5 minutes for the virtual machine to be created, one which will deploy a multi-member Corda demo network. The demo isn’t charged, but usage of Microsoft’s resources including storage, networking and computing will be billed.
Brown’s comments above point to a marked difference in the ‘design choices’ made by Corda compared to a public blockchain, like bitcoin’s ledger. These choices include developing the Corda blockchain platform within the confines of legal and regulatory frameworks, a focus on privacy and the means to achieve a modular consensus.
R3’s CTO added:
By making simple Corda demos available on the Azure Marketplace, R3 and Microsoft are making it easy for newcomers to experience Corda for themselves before joining the community.
R3’s efforts to push its blockchain product for wider adoption (with its notable call to go open-source) comes during a time when the New York-based startup is losing some of its notable banking members. The likes of Goldman Sachs, Morgan Stanley and Banco Santander have all decided to exit the consortium after a year’s membership.
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Last modified: January 26, 2020 12:01 AM UTC