Are you looking for a blockchain platform with flexibility for permissions and a similar skill set to Java skills adopted by enterprises? Then R3 Corda would be an appropriate option for you. This article will discuss the basic features and top use cases of Corda. Let us start.
Table of contents
What is the R3 Corda Platform?
Corda blockchain is an open-source platform adopted in many applications that ensures the easy management of legal contracts and other shared data amongst the transacting parties. The applications of the R3 Corda inter-operate on a single network. has two types of nodes: one for the client and one for the digital notary who validates transactions.
Essential components
1. Programming Language: R3 Corda uses Kotline, which targets JVM and JavaScript. Because of the programming language Kotline, this platform has an excellent level of integration with other programming paradigms.
2. Architecture: Corda architecture aims to create a global logical ledger. This architecture ensures easy management and interaction among all economic actors.
3. Smart contract support: Smart contracts in the Corda Platform are executed with computer codes and human input. They include business data and business logic in smart contracts. This contract ensures the financial agreements are appropriately fit in the court of law.
4. Governance: As Corda is a permissioned blockchain, it gives them control of governance to R3.
5. Cryptocurrency: Corda has no native currency like Ethereum.
Features of R3 Corda
R3 Corda is gaining popularity because of its features mentioned below.
1. Participants can share data within the network in the Corda platform with no central controller.
2. This platform gives access only to parties with legitimate needs and prevents unwanted data sharing.
3. The design of Corda has observed regulatory nodes.
4. Consensus is developed at the stage of individual transactions, not for the system.
5. This platform is built on the requirements of industry-standard tools. There is no native currency for Corda as it supports a wide range of consensus mechanisms.
Top use cases of Corda
1. Healthcare: One of the vital uses of Corda is in the healthcare segment. The best healthcare systems are often fragmented, leading to slow claim processing, the rise in fraud, and poor patient care. Let us discuss how Corda can help solve the healthcare industry’s pain points.
2. Claims Management: It is a common experience that submitting a medical claim to the insurance company involves redundant paperwork, leading to delayed claims payment. Smart feature contracts of the blockchain can solve this issue, as they can improve customer satisfaction levels by reducing revenue cycle management costs. The claims can be processed and shared on a real-time basis. Self-executing smart contracts can facilitate auto payment based on the parameters mentioned in original healthcare policies.
3. Health-record exchange: Adopting Electronic Health Records (EHR) software is regarded as a top priority in any healthcare system. A Corda system can help provide a complete patient profile without the involvement of any intermediary for validation.
4. Construction Industry: In the construction industry, Corda is a widely opted blockchain because of its privacy, identity, and workflow properties. In the construction industry, it is common practice that contractors often delegate work to the sub-contractors, and sub-contractors also share work with others. Because of this structure, it becomes tedious to share essential information amongst all parties. In such cases, the Cord can finely tune the distributed data through the network, using the below-mentioned features compatible with the construction industry.
- Corda’s contract and state structures help define the shared rules and data structures. It also illustrates how data structures will strengthen. This feature prevents mistakes and disagreements between the project’s signs of progress.
- Project participants have a shared and consistent view of the project’s progress.
- In Corda, each node is a well-known identity. This identity ensures the contractors and developers the record of counterparties they are transferring funds.
- Due to Corda’s need-to-know data distribution, external parties cannot discover project details, even if they are on the same network.
5. Finance: Corda blockchain’s transparency and immutability features help financial institutions gain secure and fast access to updated customer data. This feature enhances operational efficiency, reduced operating costs, labor-intensive data gathering, and a rise in trust between institutions. The benefits of Corda to financial institutions are as follows.
- Privacy
- Transaction Finality
- Ability to scale
- Enterprise integration and development productivity
- Legally identified parties
Final Thoughts: R3 Corda does not have a central controller, and the transacting parties have transparency while contracting. The third party to the transaction cannot discover the data, even if they are part of the network.If you have further queries, please comment in the box below. Follow Blockchain Shiksha on LinkedIn.©
Thank You!
Pingback: What are Nodes in the Blockchain Ecosystem? Ultimate Guide