R3 – a blockchain solutions developer for businesses – has launched its new Corda Settler application and chosen Ripple’s XRP to be its first supported cryptocurrency.

So, What Does the Platform Do?

The platform is designed to allow financial obligations raised on the Corda blockchain to be made through virtually any of the world’s global payment systems, whether they’re blockchain-based or not. Ripple’s XRP will also be the first globally recognized cryptocurrency supported by the app over competing currencies bitcoin and Ethereum.

R3 chief technology officer Richard Gendal Brown explains:

The deployment of the Corda Settler and its support for XRP as the first settlement mechanism is an important step in showing how the powerful ecosystems cultivated by two of the world’s most influential crypto and blockchain communities can work together. While the Settler will be open to all forms of crypto and traditional assets, this demonstration with XRP is the new logical step in showing how widespread acceptance and use of digital assets to transfer value and make payments can be achieved.

So, What Does the Platform Do?

Here Is A Little Info About R3

R3 is a blockchain software firm that currently works with over 200 individual members and partners across several industries in both the public and private sectors to develop on Corda – its open-source blockchain platform – and Corda Enterprise – the commercial version of Corda for enterprise usage.

Corda Settler works by verifying a person’s account and assuring that expected payments arrive within set deadlines. The team behind R3 has now begun updating Settler to support domestic deferred net settlements and real-time gross settlement payments.

The Power of the Corda System

When a payment obligation appears on Corda, the sending or receiving party now has the option to request that the settlement occur in XRP. The requesting party can then notify the other, who then instructs the payment to be sent to the required address before the deadline issued by Settler. Once the payment is made, it is recorded on the Corda blockchain and both parties can label the obligation as “settled.”

R3 boasts a global team of approximately 180 staff members in 13 separate countries and has garnered the support of approximately 2,000 financial, legal and technology experts. R3 has earned over $120 million in funding from approximately 45 different ventures, and Corda is now being utilized in several industries from healthcare and finance to shipping and insurance.

Do applications like the Corda Settler have the power to change finance for good? Why or why not? Post your comments below.

Image courtesy of Shutterstock

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