R3Corda.BriefingforHyperledger TechnicalSteeringCommittee

Corda.AUniqueApproachToDistributedLedgers.

Cordaisadistributedledgerplatformdesignedandbuiltfromthegrounduptorecord,manageandsynchroniseagreements(legalcontracts),designedfor usebyregulatedfinancialinstitutions.

2

WewillopensourceCordaonNovember30undertheApache2LicenseOurintentionistosubmitCordaforconsiderationforincubationbytheHyperledgerProject

Itisheavilyinspiredbyandcapturesthebenefitsofblockchainsystems,withoutthedesignchoicesthatmakeblockchains inappropriateformanybankingscenarios.

Thequestiondrivingourthinkingderivesfromasimplethought-experiment:whatisthedefiningcharacteristicofblockchainplatformsthatisrelevantandvaluabletofinancialentities?

IntroductoryWhitepaper:http://r3cev.com/s/corda-introductory-whitepaper-final.pdf

Cordacontrolstheevolutionofagreements.

3

States representagreementsinCorda.

4

Example.Cashissuance.

5

Example.Cashpayment.

6

Consensus.“Doublespend”prevention.

7

Flows.Enablingdecentralised choreography.

8

TheVault.Enablingconsistentdata.

9

Corda.Summary

10

Datamodel.Thedatamodelallowsforarbitraryobjectgraphstobestoredintheledger.Thesegraphsarecalledstates andaretheatomicunitofdata.

Dataissharedonaneed-to-know basis.Nodesprovidethedependencygraphofatransactiontheyaresendingtoanothernodeondemand,butthereisnoglobalbroadcastofalltransactions.

StatescandeclarearelationalmappingandcanbequeriedusingSQL.

Statescandeclarescheduledevents.

Transactions.Transactionsmayexecuteinparallel,ondifferentnodes,withouteithernodebeingawareoftheother’stransactions.

Transaction-buildingprotocolscalled“flows”enablecomplexinter-firmworkflowstobemodelledasblockingcode.

NewtransactiontypescanbedefinedusingJVMbytecode.

Network.Nodesarearrangedinanauthenticatedpeertopeernetwork.Allcommunicationisdirect.

EventsontheledgerareexposedviaanembeddedJMScompatiblemessagebroker.

Consensus.Thereisnoblockchain:transactionracesaredeconflicted usingpluggablenotaries.

AsingleCordanetworkmaycontainmultiplenotariesthatprovidetheirguaranteesusingavarietyofdifferentalgorithms.§ Corda will be open-sourced on November 30

§ We will submit a proposal to the TSC for consideration of Corda for incubation