R3 CEV, which is a financial technology startup, is the most recent upstart that has lifted the veil on its blockchain. The blockchain is a form of di
R3 CEV, which is a financial technology startup, is the most recent upstart that has lifted the veil on its blockchain. The blockchain is a form of distributed ledger which might revamp banks offices with software that are modernized. Blockchain technology is also the main innovation that under-pins cryptocurrencies such as bitcoin. The technology plays a role in streamlining settlements and execution of some legal contracts therefore making business processes securer, less prone to errors and faster. R3 CEV has been able to lift the veil on its blockchain through publicly releasing the main source code for its distributed ledger Corda. A number of Wall Street stalwarts and start ups have been competing to come up with products that shall replace and supplement the current financial infrastructures.
On Wednesday morning R3 posted the Corda’s source code which is its distributed ledger prototype to Githhub (a code sharing website) with an objective of attracting adherents of its own concoction. The firm also started a website containing supplementary materials for enthusiasts and developers at Corda.net. Richard Brown who is the R3’s technology officer said that the intention of the firm is to encourage many other people to contribute to it while at the same time building on top of it and driving its design and adoption. He also said that the firm wants a big number of people to download and use the technology.
An increase in the number of companies and people who will take up the R3 technology will result to an increase in the technology’s value. R3 was developed two year ago and since then it has attracted more than seventy financial firms including big companies such as Barclays, Bank of America and J.P. Morgan Chase. Since it was begun, Corda is its biggest achievement of the consortiums collaboration. Even though the team has achieved a lot of progress, in the past one week or so R3 has unfortunately suffered a number of big departures. Some members including Banco Santander, Morgan Stanley and Goldman Sachs have left the group opting to focus there blockchain efforts somewhere else.
Mike Hearns who is a Google alum and serves as the project’s engineering lead confirmed that for the very first time, Corda will be available globally and not only to the consortium members. Hearns was once a prominent Bitcoin coder and joined R3 officially in the fall of 2015. Earlier this year he caused uproar when he said that Bitcoin had failed to achieve its proponents’ early objectives as a decentralized, functional network for transferring value instantly around the world. He also said that Corda is designed in a manner that it is compatible perfectly with tools that large organizations’ programmers are already familiar with such as Microsoft SQL and relational data bases for keeping digital information.
Other similar firms are also competing with R3 in opening source software. Chain which an R3 rival last month started an open source style of its Chain Core blockchain software directly to developers. This allowed the public to directly make contributions to its code and applications on top of its network. There also other firms including Digital Asset Holding and Ripple which have also opened sourced parts of their code bases. To make this step a success R3 has directly partnered with the Hyperledger project which is an arm of the Linux Foundation. The Hyperledger project works by also shepherding a number of other blockchain projects including dubbed Fablic, IBM’s model and Intel’s version which is known as Sawtooth Lake.