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- Leads a consortium of more than 70 of the world's biggest financial institutions in research and development of blockchain usage in the financial system.
- "The startup R3 was founded as a consortium of banks utilizing the distributed ledger technology to process secure & fast financial transactions. Founding members included the two of the biggest U.S banks — JP Morgan & Goldman Sachs. The project came out with its own version of blockchain software solution called Corda after which it got the support of dozens of additional partners. And although it has had some high profile exits like Goldman Sachs & Santander and additional funding worries, the consortium membership has ballooned to 219 at time of writing. Corda has the functionality to conduct ICOs just like the public Ethereum blockchain & offers the same tool implementation & support like Hyperledger’s Fabric. The architecture, however, of the enterprise solution is complex & difficult to implement & also needs a strong governance model, contrary to the decentralized nature of public blockchains."
- Uses ethereum for testing.
- Permissioned blockchain
- A distributed ledger platform designed and built from the ground up for the recording and automation of legal agreements between identifiable parties.
- Built upon open source but the project is developed for semi-private networks.
Projects on Corda
- Has launched the Corda Settler, an application aimed to facilitate global cryptocurrency payments within enterprise blockchains; the Ripple (XRP) is the first token supported on the application; the app will verify that the beneficiary’s account was credited with the expected payment, automatically updating the Corda ledger; Ripple and R3 were previously locked in a legal dispute.
- R3 claims obligations on Corda can now be processed over the SWIFT network
- ING has signed a five-year deal with a blockchain services firm to roll out distributed ledger tech into a range of business areas. ING will join forces with R3 to obtain an unlimited number of licenses for its commercial (read: private permissioned) blockchain platforms Corda Enterprise platform and CorDapps.
- "Is to develop (11-9-2019) a blockchain-powered cross-border payments platform in partnership with Mastercard. The platform will be built on Corda Enterprise, the commercial version of the platform, as opposed to the open-source Corda Network, R3 told CoinDesk. The news of the partnership also comes just days after Mastercard joined the Marco Polo trade finance blockchain network founded by R3 and TradeIX."
Companies using/building on Corda
- BNP Paribas
- Credit Suisse
- General Electric
- HSBC's Contour and Digital Vault
- Hewlett Packard Enterprise
- Mastercard (11-9-2019)
- Nasdac; is using Corda for managing digital assets
- PNC Bank
- StateFarm (not anymore in 2021)
- Hyperledger Fabric: Corda is designed for semi-private networks in which admission requires obtaining an identity signed by a “root authority“, while fabric is a membership based system.
Team, investors, etc.
- Was helped developed by Peter Todd, got vetoed by R3 to be peer reviewed and Todd got a cease and desist order by R3.
- The Nasdaq stock exchange has partnered (29-4-2020) with R3 to offer a platform for digital asset marketplaces on the Corda blockchain, the companies announced.
- Has been chosen to participate in the CBAN initiative (9-20202).
- Has had a rough history. Banks coming in and out of the consortium. At first R3 promised 90% stake to the banks, for getting 200mil funding. In 4-2017 they turned around and said it would be 60% plus a monthly fee for 150mil funding. JPMorgan left after that news.
- Barclays, Commonwealth Bank of Australia, Credit Suisse, Goldman Sachs, J.P. Morgan, Royal Bank of Scotland, Bank of America, Citi, Commerzbank, Deutsche Bank, Mitsubishi UFJ Financial Group, Morgan Stanley, National Australia Bank, Royal Bank of Canada, Skandinaviska Enskilda Banken, Wells Fargo, ING, SBI Holdings of Japan, Hana Financial of South Korea, and Bank Itau of Brazil, Toyota Financial Services
- 7 banks dropped out in late 2016; Banco Santander, Goldman Sachs, Morgan Stanley and National Bank Australia were among those
- Insurance group B3i endorses R3’s Corda Blockchain platform. The world's largest blockchain insurance consortium will use R3's Corda platform to build its upcoming products, the company announced Monday.
The Blockchain Insurance Industry Initiative (B3i), the independent company founded by Allianz, Aegon and Swiss Re, and supported by AIG and AIA, will use the platform to advance a prototype reinsurance blockchain, as well as use a smart contracts system to reduce paperwork, according to a press release.
B3i "concluded that the Corda platform offers the best blockchain solution available, providing a solid foundation for B3i to efficiently deliver business value to its clients" after an extensive review of available open-source blockchains, according to the release.
According to the press release, "full integration of Corda nodes" is expected to be enabled "in the professional and compliant IT environments that are used by B3i's clients."
- JP Morgan dropped out on 26-4-2017.
- Rutter, David; founder in 2014 a big player in creating consortiums between banks way before blockchain technologies. Still CEO as of 9-2019.
- Brown, Richard; CTO
- Hearn, Mike; former lead architect (12-2-2021) "Hearn will stay on at R3, but only in the capacity of a technical adviser, according to a memo sent to company staff Friday."
- Hyperledger, Member of the initiative
- Member of Mobility Open Blockchain Initiative (MOBI)
- Has/d a partnership with Ripple but they started to sue each other in 9-2017. R3 had a contract that stated it could buy 5 billion Ripple for a low price and Ripple counter sued claiming R3 didn't follow through on delivering banking ties. https://news.bitcoin.com/ripple-labs-enters-legal-dispute-with-r3/?utm_source=Ripple%20Labs%20Enters%20Legal&utm_medium=telegram&utm_campaign=Telegram%20Channel