Corda 1.0 released

Fintech consortium released final version of (1.0) of Corda platform
03 October 2017   407

Banking blockchain consortium R3 released the final version of the Corda platform (v.1.0).

The Corda platform is designed to reduce the costs of various business transactions. This is achieved due to the fact that companies can make transactions directly through the use of smart contracts. The latter, in turn, ensure a high level of confidentiality and security of operations.

Corda is the most inclusive, open platform in the marketplace, and the launch of v1.0 signals to our rapidly growing ecosystem of partners that they can build on the platform with complete confidence. Time and budget can be invested in learning about, prototyping with and implementing Corda to realise both theirs and their clients’ business vision for DLT. The road to commercial deployment starts here.
 

David E. Rutter

CEO, R3

Corda is a highly specialized tool developed for financial organizations. The key feature of Corda is that the platform does not use blockchain in the usual sense of the word. Instead, special notary nodes are used. Transactions that are made on Corda, are not available to all its participants. Entries in the database are available only to those network members who have the right to view and manage them.

In May, the international banking consortium R3 CEV attracted a record $ 107M investment for the corporate blockade industry.

Despite significant interest in R3 and corporate solutions based on distributed registry technology, not all participants of the consortium share the optimism of investors. So, this week it became known that the R3 left two key figures - the director of global business development Tim Grant and market research director Tim Swanson.

Bank of China Filed a Patent to Scale Blockchain Systems

Bank of China has filed a patent application for a process able to scale blockchain systems  
23 February 2018   109

According to a document released by China's State Intellectual Property Office (SIPO) on February 23, the application was invented by Zhao Shuxiang and first submitted on September 28 last year.

The application states that instead of letting a new block store transactions from its previous one, a data compressing system could be used to pack transactions from multiple blocks into what the patent calls a "data block."

For example, when the system receives a request to compress transactions from block 1 to 1,000, it causes a new data block to be formed and temporarily hosted on a different storage system. Then, the system will run the packed data through a hash function with a hash value. After that, the compression system will attach labels in order to identify blocks on the blockchain.

With the use of the described method, the patent claims a reduction in the amount of the data stored in new blocks as transactions mount in a blockchain while ensuring that data from all previous transactions will still be tamper-proof and traceable.

At the moment, the patent in the review process.