Distributed ledger technology services firm R3 has launched a public beta of its flagship product, Corda, which now offers the capability to interoperate with other blockchain networks.
The updated version is aimed at global financial market infrastructure providers and central banks, facilitating seamless interoperability with other open enterprise DLT networks. This move parallels initiatives from the interbank payments ecosystem Swift, focusing on the transfer of tokenized assets, as well as the Canton Network, supported by major financial institutions such as BNP Paribas, Goldman Sachs, and Deutsche Börse Group. Such efforts mark a significant shift away from the current fragmented landscape characterized by isolated networks, making it challenging for different DLT platforms to connect.
In collaboration with Adhara, R3 has also established the Hyperledger Foundation Lab – Harmonia, designed to expedite the development of interoperability protocols for regulated financial institutions. R3 asserts that Harmonia will address the specific constraints of regulated financial networks, enabling true atomic settlement across various blockchain networks. This initiative builds on insights from HQLAX and Fnality, which successfully demonstrated the world’s first trustless atomic Delivery versus Payment (DvP) repo settlement between Corda and Hyperledger Besu.
Corda is already operational at a broad scale within numerous regulated markets, serving hundreds of institutions, including DTCC, Euroclear, the Central Bank of UAE, SIX Digital Exchange (SDX), and Spunta Banca DLT.
R3 co-founder and chief strategy officer, Todd McDonald, emphasizes the vision for an interconnected ecosystem of multiple DLT platforms where applications can transact smoothly and securely across networks, rather than existing within isolated ‘walled gardens’ of public or private networks. He notes a growing interest in Corda’s advanced capabilities from central banks exploring central bank digital currencies (CBDCs) for cross-border payments and wholesale settlement.