US-based software firm R3 announced on Tuesday the launch of Corda Enterprise, a commercial version of its Corda distributed ledger with a built-in blockchain application firewall.
The security feature, which R3 claims to be the first firewall-blockchain integration, allows the blockchain platform to stay behind an enterprise’s firewall, yet letting all parties on the blockchain communicate freely.
In other words, the security layer is a way to cope with technical hinders, such as IT systems and complex infrastructures, while retaining connectivity and ensuring data security. As R3 noted, this is a “critical requirement for many businesses when selecting a blockchain platform.”
Ivar Wiersma, head of innovation at Dutch ING Bank which is part of the banking consortium led by R3, hailed Corda Enterprise because it can help the bank “deliver the security, privacy and reliability features that customers and regulators expect from financial institutions.”
Designed as an upgrade to the existing open-source platform Corda 1.0 launched in October 2017, Corda Enterprise gives businesses an opportunity to choose a version of the solution that suits them. R3 explained there are no restrictions in terms of industry, as well as the size and development stage of the companies. It added, though, that the new enterprise extension is specially designed to meet the needs of “complex institutions”.
Both Corda Enterprise and Corda already include applications for the insurance, healthcare and shipping industry, developed by Finastra, Gemalto, Guardtime, GuildOne, TradeIX and Tradewind Markets.
When R3 first revealed its plans to develop an enterprise extension to Corda, managing director Carl Wegner expressed his belief that financial institutions will want to adopt the new solution. In a video on R3’s YouTube channel, CTO Richard Gendal Brown said the blockchain firm is expecting “people to go live with [Corda Enterprise] in the coming weeks or months.”