Microsoft Azure officially launches R3 Corda blockchain platform

Rage Comment : After Corda open-sourced its source code, it officially entered the Microsoft Azure blockchain platform and provided a simple demonstration so that new users can first learn more before deciding whether to adopt it. Although the R3 Alliance, which initiated the platform, has experienced a decrease in members, this dynamic change is also a way to ensure the alliance's technological advancement and advantage combination. Therefore, it is certain that as the R3 Alliance continues to develop and change, the Corda platform will bring more and better service experiences to the blockchain ecosystem.

Translation: Annie_Xu

Microsoft Azure is a cloud computing platform that provides cloud services such as analysis, computing, database, and storage.

Microsoft recently announced the official launch of the R3 Corda blockchain platform, which provides the consensus algorithm required to manage and record financial transactions on the R3 blockchain, making financial transactions immutable and compliant with existing laws and regulations.

The Corda file installation package comes from Project Bletchley, a Microsoft blockchain service project, which envisions an open, modular blockchain network based on Azure. Microsoft Azure Blockchain Engineering Project Manager said the project's purpose is to "provide an open and flexible BaaS (blockchain as a service) for all platforms, partners and customers."

"Project Bletchley is Microsoft's architectural approach to building an enterprise consortium blockchain ecosystem. It's not a new blockchain stack. It's Microsoft's way of bringing a distributed ledger platform to the enterprise, building real solutions that actually solve enterprise problems, while keeping the platform open."

The Bletchley Project white paper states that a consortium chain is a private, permissioned blockchain that is shared between different member organizations and defines the network based on the target business. In contrast, public chains such as Bitcoin, Ethereum, and Hyperledger have independent rules and environment data. Because each consortium chain has many participants or nodes, it defaults to having many ledgers.

The white paper shows how Corda can be applied in real-world scenarios, including interest rate swap transactions.

Richard G Brown

Christine Avanessians, Azure senior program manager, and Richard G Brown, R3 chief technology officer, said:

“By offering simple Corda demos in the Azure Marketplace, R3 and Microsoft are enabling newcomers to experience Corda firsthand before deciding to join the community.”

R3 said Corda has unique advantages over distributed ledger projects such as Ethereum and Hyperledger because the alliance "focuses closely on financial services," especially privacy, confidentiality and other requirements unique to the financial industry.

Richard G Brown says:

“Corda is a distributed ledger platform that was developed from the ground up to record, manage and synchronize financial agreements of regulated financial institutions. It is conceived primarily from blockchain systems and captures the benefits of blockchain systems. It is designed without the need for screening, ensuring that blockchain technology is applicable to many banking scenarios.”

The R3 CEV consortium, which once had more than 70 members, lost many of them last month, including Goldman Sachs, Banco Santander and Morgan Stanley.

However, most members stayed, but only adjusted the internal structure, and soon Corda became the core product of the alliance. R3 CEV made the Corda system open source and integrated it with the Hyperledger project. James Carlyle, chief engineer of R3, said that the company's plan after the adjustment is to allow more developers outside the R3 alliance to develop applications for Corda.

“As with all projects of this scale, we expect the structure of the consortium to evolve over time. Developing technology like this requires focus and significant resources, and our large group of members has a variety of capabilities and functions that can naturally evolve over time.”