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R3 updates Corda to enable interoperability and scalability

r3-updates-corda-to-enable-interoperability-and-scalability
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R3 updates Corda to enable interoperability and scalability

R3 has rolled out an upgrade of Corda, its enterprise-grade distributed ledger technology  (DLT) network. The team claims the next-gen Corda offers users increased scalability, interoperability, privacy, and security.

R3 completes Corda update 

R3, a provider of enterprise-grade distributed ledger technology (DLT) solutions, has announced the public beta release of its Corda upgrade. Corda is a DLT infrastructure that enables institutions to leverage blockchain technology for a secure exchange of value.

According to a press release by the company, the latest Corda update enables high availability, scalability, and secure interoperability with other enterprise-grade DLT platforms. 

The next generation of Corda is designed to make it possible for the apps of global financial market infrastructure providers and central banks to interoperate seamlessly and securely with other enterprise DLT networks.

Corda to unlock a trusted and enduring digital economy 

While DLT adoption by institutions has seen an uptick in recent years, interoperability remains a pain point in the industry, as most blockchains still cannot interact with their peers in terms of frictionless exchange of value and data.

Commenting on the latest Corda update, Todd McDonald, R3 co-founder and chief strategy officer stated that the company remains committed to supporting an “open, trusted, and enduring digital economy” and the next-gen Corda is the first step toward actualizing that mission.

“We believe this digital economy will be built upon an interconnected ecosystem of multiple DLT platforms, where apps will transact seamlessly and securely across networks – not isolated or walled gardens of ‘public’ or private networks.”

Todd McDonald, R3 co-founder and chief strategy officer

R3 has also inked a partnership deal with Adhara, an intraday liquidity and payments solutions provider, to launch a Hyperledger Foundation Lab dubbed Harmonia. The team says Harmonia will accelerate the development of interoperability solutions for regulated financial institutions.

In related news, last month, leading web3 companies and VC firms including Borderless Capital, Polygon Ventures, Algorand Foundation, and others, joined forces to launch a $50 million fund dedicated to fostering cross-chain interoperability.