In a recent podcast called ‘Life in the fast chain’, Todd McDonald, the co-founder of R3, and Dave Hudson, head of solution engineering, R3, spoke about the partnership between Swift and R3, Corda Settler, and how blockchain technology is changing the payments industry.
Hudson spoke about how R3 is trying to connect customers across different corporations and help them transact privately. Hudson added that there were blockchains that broadcasted messages to everybody, and unlike them, Corda Network maintained the privacy of users.
Speaking about the scalability, Hudson added that Corda was “designed to scale and allow messaging to happen in an organic way”. In addition, he said:
“… Over the last year, we’re finding more and more applications where that’s [scalability] a key requirement. We want to be able to build things that scale massively and so the capability of any individual component can improve over time but the capacity of the entire network can be absolutely vast.”
Talking about another feature, Hudson said that they were working on “shrinking” Corda and elucidated the idea by using Linux as an example and how one needed expensive hardware to use the operating system. He added that they were trying to do the same with Corda. Hudson stated:
“The idea of shrinking Corda is really exciting, we’ve made some design choices that will allow us to do that sort of thing. We are not relying on things that will only ever have to be vast in scale.”
R3 is a US FinTech company which deals in blockchain-related technology [Distributed Ledger Technology] and developing and maintaining Corda, a distributed ledger technology platform. R3 has over 250+ partners spread across the world and has added another partner to its list recently, ING bank, which will also make use of Corda’s payment solutions.
Subscribe to AMBCrypto’s Newsletter