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October 3, 2017

Blockchain evolution sees R3 launch new distributed ledger technology

Will the launch of Corda v.1 go down in history as a turning point in the journey toward widespread blockchain implementation?

By Tom Ball

R3 has taken a step forward with its distributed ledger platform, with the launch of a new blockchain version targeting easy implementation of the technology.

The enterprise software company’s distributed ledger platform is called Corda, and with the launch of version 1.0, the implementation of applications will be enhanced.

This development means that future platform alterations will not impede the work done by CorDapp developers, improving the efficiency of the process.

Corda is centred upon using smart contracts for direct transactions, with a focus on robust security. So far R3 has amassed in excess of 100 members in pursuit of developing the nascent technology that promises so much.

Blockchain evolution sees R3 launch new distributed ledger technologyRichard Gendal Brown, CTO of R3, said: “This is a significant moment for the evolution of distributed ledger technology. Most other platform providers don’t commit to this. Their early adopters risk being trapped in evolutionary dead ends as the platform evolves in incompatible ways. With Corda v1.0 we are protecting CorDapp developers from this fate – this is the firing of the “starting gun” for real development and deployments to start in earnest.”

Blockchain continues to be surrounded by excitement and planning for potential use cases that could bring disruption across the industries, and R3 has hosted the collaboration of numerous major organisations in this process.

David E. Rutter, CEO of R3, said: “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.”

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The R3 blockchain consortium has been one of the most prominent groups in the recent development of blockchain, leading the way with the Enterprise Ethereum Alliance, for example.

Earlier this year, R3 gained momentum when it achieved record distributed ledger technology funding of $107 million in a funding round. This figure was raised by 40 institutions from more than 15 countries across the world.

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