The Chief Technology Officer of R3, Richard G Brown, revealed today that the consortium with its member banks is working on a distributed ledger platform for financial services called Corda.
Brown describes Corda in this way:
Corda is a distributed ledger platform designed from the ground up to record, manage and synchronise 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.
According to Brown, R3 designed Corda by selecting the desirable characteristics of other blockchains, like Bitcoin and Ethereum, for its constituent banks while leaving the undesirable. Corda utilizes five interlocking, distinct services from what Brown calls the “blockchain bundle”, consensus, validity, uniqueness, immutability, and authentication.