What is the ‘Technology’ behind Corda?
Corda is counted as another blockchain platform due to its almost identical functionality to other blockchain-based platforms that operate entirely per blockchain technology guidelines. But in reality, the Corda platform uses unique and different technology from blockchain in many ways and to understand those differences. Let us look into and analyze key points about Corda technology.
What is Corda?
R3’s Corda is formulated for the most part considering a distributed framework with the inclusion of various blockchain features such as business model, security and privacy, the consensus of a distributed system, and ownership identity. Before and after the implementation of Corda technology, there have been misunderstandings around the workings of its platform. Corda developer have said that it is simply a business-to-business messaging network whose framework is adopted by the workings of Bitcoin.
Understanding Corda technology:
Though most Corda functions are similar to blockchain technology, it uses a shared ledger platform rather than blockchain or distributed ledger technology.
Unlike blockchain or DLT, where transaction data is shared to every computer connected to the network, Corda does not follow the same approach. In Corda, all the transaction data is shared only between the sender and receiver of the transaction. When all the involved parties provide their signature on the transaction data, it is assumed that data is credible and agreement between parties is achieved.
Language use in Corda
Corda uses the Java-based kotlin programming language in its platform. It is formulated for Java virtual machines meaning Corda can efficiently run on platforms that use Java. Apart from Java, many other programming languages are also compatible with Corda technology, such as groovy and Scala.
Who controls Corda?
In distributed systems, the main functionality is that these systems have no central authority to control or manage the transaction process. Accountability of action is identified through the use of a p2p network and distributed timestamping. However, in Corda, there is no clarification on who controls and oversees changes and processing. Many observers have argued that this characteristic of Corda causes a lack of accountability as it does not let users know which action is done by who.
On this argument, Corda developers say that Corda is inspired by the Bitcoin network, which also does not clarify who controls and manages its network.
What makes Corda unique from other similar platforms?
● The Corda is built to collaborate with existing frameworks without needing to change the whole existing infrastructure. Hence, Corda uses programming languages and tools that are up to industry standards.
● Apart from offering direct implementation with existing database frameworks, there is no need to use only Corda language to streamline an organization’s communications.
● Corda has also been examined against real-world scenarios involving actual requirements of the financial industry. Corda builders believe that smart contracts will allow parties to manage agreements in a better way reducing trading risk and additional cost.
Due to applications of Corda in businesses, many enterprises are picking potential employees for Corda training. At the same time, the need for the Corda developer is increasing.
Closing Thoughts
Corda has been widely adopted in financial sectors worldwide due to its continuous support and improvement facilitated by Corda developers. Corda is all set to build numerous multi-party solutions across the globe. Looking at the increasing uses of Corda technology in financial and business industries, individuals with programming backgrounds can opt for Corda certification programs and make a successful career in this growing space.
