Chainstack’s new automated onboarding process for Corda Network reduces the time taken for enterprises to access Corda Network, promoting enterprise participation in Corda Network.
Before joining, all participants must have their identities verified by Corda Network Foundation, an independent not-for-profit that manages Corda Network.
Launched in January 2019, Corda Network is the underlying, open shared blockchain network linking participants using either version of R3’s Corda platform. Once on Corda Network, participants can interact and transact with any other participating business networks and entities on the network using applications built on Corda, known as CorDapps. This means that businesses can not only create and transact with trusted partners, but could also interact with other participants already on the shared network they may not have interacted with before.
Chainstack’s new identity management and automated onboarding for both Corda Production and Pre-Production Networks will make it much easier for companies to begin accessing the Corda Network. This addition complements Chainstack’s existing suite of development tools that alleviate a variety of challenges enterprises face when building solutions on Corda, spanning infrastructure deployment and orchestration, and CorDapp management. Chainstack reduces the overall time spent building, monitoring, and supporting custom blockchain solutions, all for the cost of a Software-as-a-Service platform that’s 99% cheaper than doing it independently.
“We are thrilled to contribute to the growth of Corda Network’s user base. The role of onboarding is crucial to the value of a network because it limits its ability to scale and therefore its potential network effect. Without an easy and automated way for consortiums to onboard new members, companies are required to undergo costly bespoke integrations that can take months to complete. This is simply not a viable way for networks to scale, especially if the goal is to achieve mass adoption in large networks” said Laurent Dedenis, CEO and co-founder of Chainstack.
“Our overall goal at R3 is focused on streamlining legacy processes to bring enhanced efficiency and cost savings. Chainstack’s automated onboarding solution will enable R3 to roll those benefits out to more businesses worldwide, more quickly. We look forward to welcoming more firms into our growing roster of partners as more companies realize the potential of blockchain technology” said Cathy Minter, CRO at R3.
Since 2015, there has been a 12-fold increase in the enterprise blockchain developer ecosystem. The advancement of technology platforms and development tools will drastically accelerate enterprise adoption. To meet growing enterprise interest, Chainstack will continue to work closely with R3 to further integrations with its Corda blockchain offerings.