R3 forms independent governing foundation for Corda Network

Source: R3

R3 has launched Corda Network, the underlying, open shared blockchain network linking participants using Corda.

Corda Network will be operated and managed by a new independent not-for-profit organisation, the Corda Network Foundation.

Corda Network provides a common layer of identity and consensus for participants on Corda and Corda Enterprise. It is an open shared infrastructure, which enables compatibility between participants on the network.

Corda Network allows for the transfer of data and digital assets between communities of nodes (business networks) and different CorDapps. Participants can therefore create private ecosystems within their organisation, or with trusted commercial partners, while remaining interoperable with the wider Corda community where appropriate. Relevant information can be shared between applications and organisations, creating efficiencies and avoiding duplication. Corda Network also includes identity verification and privacy services to ensure that participants can operate on the network safely.

It provides a global and openly governed network enabling low-friction onboarding of participants to Corda as well as helping developers quickly, securely, and economically develop new applications for Corda and Corda Enterprise.

Governance and the work encouraging adoption of Corda Network will be transitioned over to the new Corda Network Foundation. The Foundation’s board will be comprised of directors drawn from participants on the Network and elected by members of Corda Network. It will operate independently of R3 and its decision making will be transparent and available to all network members.

David E. Rutter, CEO of R3
“Corda’s mission has always been to find a way for enterprises to benefit from blockchain’s promise of open, frictionless sharing and global interoperability. The launch of Corda Network and the Corda Network Foundation illustrates this aim perfectly. Participants will be able to build their systems to suit their exact needs and ensure the security of their data, while still benefiting from the advantages of a universal network1.

“Applications on Corda are seeing wide adoption throughout industries. Corda Network is the next step in bringing these networks together to make these applications even more efficient and effective.”
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