The Corda Network

The global blockchain network providing all essential services, standards, and infrastructure for participants to be onboarded, to connect to each other and to securely enter into complex transactions is live and in production.

Asen Doychev
Jul 3, 2019 · 5 min read
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  • Network map service, enabling the participants to find and communicate with one another over the network. The service is provided by a specialised Corda node.
  • Notary service, providing network consensus and guaranteeing the timestamping, uniqueness, history validity and finality of each transaction without the need for costly block mining. Multiple notary pools, or clusters, may exist, and each of them can offer different validating features. A notary can be a “Validating notary” if it checks the transaction validity. In this case, the notary needs to see the full content of the transaction and its dependencies. Alternatively, the notary can be “nonvalidating”. Such a notary does not check transaction validity, so private data is prevented from a potential leak. Both notary types may exist on the same network, allowing nodes to choose the preferred notary service type for each transaction.
  • Support service, providing the smooth running of the network and resolving any incidents related to other services of the network.

Governance — The Corda Network Foundation

To ensure that the network is operated in the interest of the network participants and in a fair, transparent and cost-efficient way, R3 has established the Corda Network Foundation to govern the Corda Network. The foundation is a not-for-profit, independent entity in which the Network participants elect, and can be elected to, a governing Board.

  • Democracy and transparency. Key decisions and rationale are shared openly with Participants.
  • Stability (with a long-term view) with flexibility. Board directors’ terms last three years with a staggered board, and the governance model is flexible to adapt where required.
  • Efficiency. The Network is a lean organisation sufficient to commission and monitor an Operator to run any services, physical infrastructure, or operational processes that may be needed to achieve the vision of Corda. It provides adequate support through advisory committees.
  • Cost-effectiveness. Funding received through participation fees pays for an Operator to run the Network securely, and the Foundation shall not be a profit-making entity.
  • Independence. Corda Network Foundation makes its own decisions (within the law), and is not following another entity’s rules.
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The foundation was established as a legal entity in Holland

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About INDUSTRIA

INDUSTRIA is an award-winning global consultancy and development firm that creates web, blockchain, and fintech solutions, helping both companies and ecosystems significantly reduce the costs and complexity of doing business. Official partner of R3.

INDUSTRIA

Leading Enterprises Through Digital Transformation

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