Distributed ledger technology services firm R3 has rolled out a public beta of its flagship product Corda that is capable of interoperating with other blockchain networks.
The updated version has been designed for global financial market infrastructure providers and central banks to enable applications to interoperate seamlessly with other open enterprise DLT networks.
The effort is being mirrored by interbank payments ecosystem Swift for the transfer of tokenised assets across its network, and the Canton Network, which is backed by BNP Paribas, Goldman Sachs and Deutsche Börse Group among others. It represents a huge break from the current siloed landscape, in which ‘walled gardens’ of private or public networks make it highly difficult for different DLT platforms to interconnect.
As part of its initiative, R3, in partnership with Adhara, has also launched a Hyperledger Foundation Lab - Harmonia - to speed the development of interoperability protocols for regulated financial institutions.
R3 says that Harmonia will address the constraints and requirements of regulated financial networks to achieve true atomic settlement across blockchain networks. It was informed by HQLAX and Fnality, which demonstrated the world’s first proof of concept trustless atomic DvP (Delivery versus Payment) repo settlement between Corda and Hyperledger Besu.
Corda is already deployed by hundreds of institutions operating at scale in global regulated markets, including DTCC, Euroclear, the Central Bank of UAE, SIX Digital Exchange (SDX), andSpunta Banca DLT.
R3 co-founder and chief strategy officer, Todd McDonald, says: “We believe this economy will be built upon an interconnected ecosystem of multiple DLT platforms, where apps will transact seamlessly and securely across networks - not isolated or walled gardens of ‘public’ or ‘private’ networks. We are already seeing demand for Corda’s enhanced capabilities from central banks exploring CBDCs for cross-border payments and wholesale settlement.”