R3’s Corda Platform Now Supports XRP
An R3 Corda XRP meld has begun. A new payment application allows for payment obligations raised on Corda to be paid using Ripple’s XRP cryptocurrency. It’s a sign tensions have thawed between R3 and Ripple, which had previously fought a year-long lawsuit.
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Settler Will Work With Crypto and Traditional Payment Systems
R3 announced on December 5th that the new application, called Corda Settler, is now live. It will allow a party using it to request settlement for a payment in XRP from another Corda user. The other party will be alerted to the request and receive a deadline and wallet address. An oracle service will verify that transactions have taken place.
New York-based R3 claims that Corda Settler is able to handle settlement from any payment system, either traditional or crypto, as long as cryptographic proof can be provided. No timeline for when other cryptocurrencies or payment methods will be available was given.
Richard Gendal Brown, Chief Technology Officer at R3, said in a statement that:
“While the Settler will be open to all forms of crypto and traditional assets, this demonstration with XRP is the next logical step in showing how widespread acceptance and use of digital assets to transfer value and make payments can be achieved.”
Corda, a Blockchain in a Suit and Tie
Corda is a software platform based on distributed ledger technology (DLT) designed for enterprise applications in finance, supply chain, trade finance, healthcare, and government. R3 is working with 200 companies to implement and development its technology.
According to R3, Corda is similar to public blockchains like Ethereum but with better privacy features and improved scalability. Corda also has the ability to accommodate extra layers and decentralized applications. It is offered in both a full-featured enterprise version and an open-source one for firms with simpler systems.
R3 and Ripple Labs Bury the Hatchet
The integration of XRP into Corda is the first news that R3 and Ripple are working together since the companies settled the lawsuits they once had pending against each other.
The firms had sued one another in September of 2017 over a disputed options contract for XRP. It appears that the firms have buried the hatchet and are looking to work together again.
New York-based R3 was founded in 2014 by David Rutter, Todd McDonald, and Jesse Edwards. It raised $107 million in May of 2017 from blue-chip financial and technology companies such as HSBC Holdings Plc, Intel Corp., and Bank of America Corp.
The lead platform engineer for Corda is Mike Hearn, a former Google employee and an early Bitcoin developer. In April of this year, he held a Reddit AMA where he ruled out returning to work on cryptocurrencies.
The firm has in the past been at pains to distinguish its DLT technology from blockchains and cryptocurrencies. But Corda Settler is not the first project by R3 that integrates crypto.
In October, the firm signed a memorandum of understanding with Microsoft and Thailand-based J Ventures, which held an ICO in 2018 for its JFin Coin. That project will see R3 and Microsoft build a decentralized digital lending platform.
Have your say. What do you think about the R3 Corda XRP meld? What does the R3 and Ripple link-up deal mean for blockchain payments?
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