6 Things to Know about R3 CORDA Blockchain
1. What is R3 Corda blockchain?
Corda blockchain is an open-source digital distributed ledger designed to fit and create various solutions for different kinds of businesses regardless of the industry the business belongs to.
Compatible blockchain networks can be constructed on the Corda system to assist in carrying out various activities and transactions in a private and secured manner.
With its well-developed smart contract technology, various businesses across so many industries can carry out their transactions without fear of insecurity or lack of privacy.
2. How Corda Blockchain works?
When the R3 Corda blockchain was designed by members of its consortium, it was initially done to meet the need of financial institutions. But today, its usage has covered a much broader ground.
The Corda blockchain may seem like a typical blockchain system but its design varies from that of the traditional blockchain and this makes it capable of handling real-life scenarios.
In the building blocks of R3’s Corda blockchain, each one is referred to as STATE OBJECT. This represents a part of real-world contracts.
The Corda blockchain is different from the typical blockchain because the whole ledger system is dependent on its users reaching a consensus.
Corda has three (3) tools for the global distribution of consensus. These are;
- Smart contracts- Which is a part of the CorDapps and that enables you as a user to transact using pre-agreed terms.
- Uniqueness and time stamping tools (also known as NOTARY POOLS)- Its services temporarily order transactions which helps remove conflicts.
- The flow framework- This makes the writing process of bogus protocols between distrusting users become simple.
Corda blockchain begins with the global ledger system, with this system, you can rely on the single point of source.
Transactions carried out between two people or groups can only be visible to the parties involved and no one else. Nevertheless, users who will be participating in consensus will be able to see them authenticate the transaction.
If an error is made in the Corda blockchain platform, it can be updated. But this has to be done with a transaction. The transaction will absorb the older state object and then create a new one with revised data.
But you should know that there are two (2) aspects of consensus in the Corda blockchain.
- Transaction Validity
- Transaction Uniqueness
1. Transaction Validity:
Users who are to participate in Corda private blockchains contract processes are expected to check some points that will eventually be needed for an update validation. Contract codes related to the state object need to be examined.
Also, the state object needs to have the signatures of all parties involved and if it shows other transactions, such transaction also has to be valid.
2. Transaction Uniqueness:
The validators need to know if a particular transaction is distinctive or not. You might be wondering, how are they supposed to do so?
Validators can figure this out when they notice that inputs in the state object do not have any transactions linked to it.
Transaction validators can validate by processing that particular contract code together with validation logic. You may also want to know what happens if there is a scenario of two transactions being valid same time and how will they determine the sequence in Corda blockchain architecture.
In such a situation, an observer is needed and the user has to be a member of a jointly distracting user found in the notary pool. In a Corda blockchain platform, there can be multiple rotary pools. Such that every pool can render different types of validation features.
Normally, other blockchain platform types reach consensus at the ledger level. But that is not the case in Corda. Users on the Corda blockchain system can only see a fraction of the whole ledger. This way, other participants involved tend to get the privacy level they need without having their transaction data on any other channel.
3. Why build on the Corda Blockchain platform
A good number of people out there are interested in the Corda blockchain, but they are also asking the question ' why should I even consider Corda blockchain?'
Below are some good reasons you should consider using R3's Corda blockchain.
- The Corda blockchain system comes with an inbuilt firewall application. if you should decide to adopt it in your firm or business, no one will ever hack or harm your network system anymore. it is simply the strongest security protocol you can ever hope for. Therefore, interacting with other nodes globally will not be a problem.
- R3, the Corda blockchain consortium works with ISVs as well as individuals to assist with the integration of the platform within their company to maintain the disaster recovery protocol. this means that you can now focus solely on your business rather than on the network itself.
- The R3 Corda blockchain members, tend to offer a high level of industry-grade tools with a well-developing environment to focus building value on all their applications.
- You can decide to introduce the legacy applications into the network system and this will boost them by linking these applications to the client's network.
- Having access to a broad range of CorDapps is guaranteed and these are interoperable and Corda blockchain-based applications. They are also all outputs of the R3 Corda blockchain consortium members.
4. How does Corda blockchain help businesses?
The Corda blockchain boosts the productivity of various businesses across industries. Below are a few examples-
The construction industry plays a major role globally. Statistics show that 'construction contributes about 10% of the global gross domestic product (GDP)'.
It is a normal phenomenon in the construction industry to channel contracts to subcontractors, and some of these subcontractors still channel the contract to sub-subcontractors. when this is done, it is difficult and tedious for information and details to be transferred amongst the subcontractors.
Today, the Corda blockchain is now being incorporated into the construction industry. with great features such as a high level of privacy, well-confirmed identity of all parties involved as well as proper workflow, the Corda blockchain is here to revolutionize the construction industry in ways that can be seen in the outline below.
- Every Corda node's identity is well known in the Corda system and this enables contractors to have the record of parties they are getting into business and conducting transactions with.
- The Corda network system is also able to show the continuous level of progress of the construction projects among the parties involved. This helps eliminate the bogus stress involved in the usual way information is normally transferred among the involved parties.
- The need-to-know data distribution feature of the Corda blockchain helps to prevent other parties (working on the project or not) from having access to information about the ongoing project.
Corda blockchain has come to spearhead things to the next level in the finance industry. With its high level of immutability as well as transparency, the Corda network empowers financial companies to have swift and very secured access to customer data that is up-to-date, and this feature of the Corda network results in
- Reduced labor-intensive data gathering.
- high operational efficiency
- increased trust between institutions
- reduced operational cost
- reduced processing time
Some Advantages of Corda to Finance
- Ability to scale
- Legally identified parties
- Developer productivity and enterprise integration
The health care industry is experiencing an increase in innovation, and R3's Corda blockchain also has something to offer. Below are some areas in health care that Corda blockchain has brought better solutions for.
1. Exchange in healthcare records
Corda blockchain assists the systems in interacting with each other. it provides a complete standard and complete patient profile. Every record is traced in a time-stamped ledger that is auditable and unchangeable.
This is so that the record cannot be tampered with by anyone. Using Corda Blockchain helps to increase patient satisfaction which is something healthcare systems are really concerned about.
2. Health insurance claims
Most times, health care insurance beneficiaries are concerned about their claims submitted. It is comprised of a lot of paperwork and delayed claims payout.
This is where the Corda blockchain smart contract features come in. Payments that are smart contract-based assist in reducing the cost of the revenue cycle as well as increase customer satisfaction by updating and sharing claims in real-time.
Also, self-executing Smart contracts facilitate automatic payouts based on the data available in the healthcare policies.
5. Corda Blockchain Token
In the blockchain world, tokens have been used to transfer value within blockchain networks. In July 2019, the R3 blockchain consortium introduced the Token SDK. The interface of the token SDK gives customers the ability to represent assets as tokens as well as use Corda distributed ledger to securely trade and store them.
What single out this Corda token from Corda's existing enterprise services is creating native tokens. Token SDK gives room for integrated creation with the use of built-in-token types that represent many forms of real-world assets.
6. What are the Corda Blockchain Jobs?
The R3 Corda blockchain has created a certain level of job opportunities that most of the general public is yet to tap into. If you are seeking a job in the blockchain industry, below are some Corda-related jobs you can consider going for.
- Blockchain Corda Developer
- Blockchain Smart chain Developer
- Blockchain Web Designer
Other jobs include
- Blockchain Solution Architect
- Blockchain Software Engineer
- Blockchain Digital Identity Architect
- Blockchain Solutions Engineer
- Blockchain Security Architect
- Corda Blockchain Sales Engineer
- Blockchain & Multiparty System Technology Consultant
- Digital Identity Functional Consultant
- Strategic Account Executive
- Blockchain Legal Consulstant
and the list goes on.
In comparison to all other distributed ledger platforms on the market. The Corda blockchain has emerged to record and also enforce business contracts among all trading partners. This makes it take a different approach to render the transaction connotation and the distribution of data needed.
Finally, the Corda blockchain is getting the recognition it deserves and many are excited to run their nodes on the network