Ripple, the real-time gross-settlement system and remittance network, and R3, a distributed ledger technology provider, have put their legal disputes behind them and are moving forward with new endeavors.
R3 has launched an application called the Corda Settler that focuses on the settlement of global cryptocurrency payments within enterprise blockchains. The application is launching with the support of XRP as the first globally-recognized cryptocurrency supported by the Corda Settler system.
R3 is proud to announce the release of Corda Settler, an open source CorDapp that allows #Corda users to settle using any payment method. The first payment rail enabled for Corda Settler is the #XRP Ledger. Read the press release here – https://t.co/mxUIXPvG5R pic.twitter.com/NZgrA3BFDk
— R3 (@inside_r3) December 5, 2018
As stated by Richard Gendal Brown, the CTO at R3:
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.
The R3 Corda Settler App
The Corda Settler app is an open-source decentralized application (dapp), or in Corda’s case a “Cordapp,” that runs on the Corda blockchain.
The app allows for the settlement of payment obligations that arise on the Corda Network via any parallel rail supporting cryptocurrencies or other crypto assets such as XRP. Also, any traditional rail capable of providing cryptographic proof of settlement can settle payment obligations.
The Corda Settler app is still in its beginning stages of development and will soon support domestic deferred net settlements and real-time gross settlement payments in the app’s next phase of development.
In its current phase, when a payment obligation arises on the Corda blockchain, any of the parties involved can request settlement using XRP. Settler sends a notification to the other party and they must facilitate a payment to the associated address within the deadline presented to them. After they make the payment, an oracle service will ensure the validity of the payment and settle the obligation.
Both Corda and Ripple are open-source blockchain platforms with a focus on serving enterprise businesses. Therefore, it makes sense that Corda selected XRP as the first supported cryptocurrency on the platform.
What do you think of this new development between Corda and XRP? Will this improve XRP adoption among enterprise businesses? Let us know in the comment section below.