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 conduct many pilots of the application — known as the Trust ID Network — which will reportedly be launched later in this year.
As per the further announcement, Trust ID Network permits digital service suppliers to operate “fully verified and secured” user personal information by making a Digital ID. Consumers could also register within numerous banking, e-commerce and e-government services whereas avoiding recurrent due diligence procedures in every instance.
The integration of Trust ID Network would reportedly permit users to regulate their data through a mobile app dubbed ID wallet, so that they can enter, certify, and share their personal info with specific service provider when required.
Business Manager of Banking and Payment for Gemalto ‘Bertrand Knopf,’ adding further mentioned that:
“Trust ID Network solves the profound weaknesses of ancient, ‘siloed’ identity frameworks: the clumsy user expertise, rising prices and difficulties in obliging with stricter rules… Financial establishments are best-placed to steer this self-sovereign identity revolution, however it’ll prove equally enticing to a good array of alternative service providers.”
Earlier in July this year, R3 also revealed a “version” of its Corda blockchain platform aimed specifically at businesses. The latest version of the platform is reportedly “optimized to satisfy the demands of modern day businesses,” and includes a “Blockchain Application Firewall” to change the platform operate within corporates centers and still communicate with Corda’s nodes.