According to a recent official press released, Corda is well renowned open source blockchain-powered platform developed for the financial institutions by R3 along with several other more than two hundred of its existing partners. The platform is back-geared to operate massive finance dealing volumes and limited access to transaction data.
The parties expect to conductmanypilots ofthe application—known asthe Trust ID Network —which will reportedly be launched later in this year.
As per the further announcement, Trust ID Networkpermitsdigital servicesuppliersto operate“fully verified and secured” user personalinformationbymakinga Digital ID. Consumerscould alsoregisterwithin numerousbanking, e-commerce and e-government serviceswhereasavoidingrecurrentdue diligence procedures ineveryinstance.
The integration of Trust ID Networkwouldreportedlypermitusersto regulatetheirdatathrough a mobile app dubbed IDwallet,so thatthey canenter, certify, and share their personalinfowith specific serviceprovider when required.
Business Manager of Banking and Payment for Gemalto ‘Bertrand Knopf,’ adding further mentioned that:
“Trust ID Network solves the profound weaknesses ofancient, ‘siloed’ identity frameworks: the clumsy userexpertise, risingpricesand difficulties inobligingwith stricterrules…Financialestablishmentsarebest-placedto steerthis self-sovereign identity revolution,howeverit’llproveequallyenticingtoa goodarray ofalternative serviceproviders.”
Earlier in July this year, R3also revealeda “version” of its Corda blockchain platform aimed specifically at businesses. Thelatest version of the platform is reportedly “optimizedto satisfythe demands of modernday businesses,” and includes a “Blockchain Application Firewall” tochangethe platform operatewithin corporatescenters and still communicate with Corda’s nodes.