R3, an Enterprise blockchain software company, recently announced that they will support Ripple ’s XRP on their platform. The information passed on December 5 also confirmed that the platform will have XRP as the first crypto supported on its new universal payment settlement platform.
CorDapp, the new open source application allows users to settle payment obligations. Those will need to raise on the Corda blockchain via any parallel payment rail. These can reportedly support cryptocurrencies or assets, or any ‘traditional’ payment rail that can provide cryptographic proof of settlement.
The system works as follows; first of all beneficiary receive the credits on their accounts. After this the new CorDapp automatically updates the Corda ledger accordingly. In addition, the message confirmed that their new version will aim at supporting domestic deferred net settlement.
Richard Gendal Brown, Chief Technical Officer at R3 shared an official comment on the recent development. He said: “the deployment of the Corda Settler and its support for XRP as the first settlement mechanism makes 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”.
Earlier in September companies had confirmed the agreement between Ripple Labs and R3 Consortium. “The cooperation between the two industry giants is the next logical step in showing how widespread acceptance and use of digital assets to transfer value and make payments can be achieved”, continued Brown.
More About Corda
Earlier UK major bank, Standard Chartered had partnered with the largest private bank in Brazil. The aim is to develop a special platform for small loans which will be based on Corda. Additionally, earlier this month, SBI Ripple Asia informed that they are working on a proof of concept with Japan Payment Card Consortium. The project aims to combat fraud. This also reportedly uses the Corda platform.