Back in 2016 – Corda, an open source enterprise product, was announced by the blockchain supported software developer R3. Now, it received an additional application named Corda Settler which targets to deliver and offer most services which business would ask to engage blockchain technology. Also, the settler is meant to bring together and work as a translator for wide range of fiat assets and virtual coins.
Gendal Brown – CTO of R3 added:
“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 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 next logical step in showing how widespread acceptance and use of digital assets to transfer value and make payments can be achieved.”
As quoted above, the system uses XRP as a base currency. When a needed transaction is initiated on the network, one party can request the settlement [which can be instant] while the second is notified for the request.
With the aim to reach global-scale of app utilization, the firm behind the settlement product is already in corporation with over 200 firms in various industries.
The Corda platform has showcased its potential to handle different kinds and features offered by its applications in many cases, and the Corda Settler will function on the same manner.
“The Corda Settler is an open source CorDapp that allows payment obligations arising on the Corda Network to be settled via any parallel rail supporting cryptocurrencies or other crypto assets, and any traditional rail capable of providing cryptographic proof of settlement. Uniquely, the Corda Settler will verify that the beneficiary’s account was credited with the expected payment, automatically updating the Corda ledger. In the next phase of development, the Settler will support domestic deferred net settlement and real-time gross settlement payments.” – Blog post.