We are thrilled to announce R3 is working on the next major platform version —Corda 5— R3’s Product Team has shared a post on their blog about what went into the “whys” of Corda 5 that led to some new features.
Since February 2019, Corda 4 has been powering a wide range of incredible solutions, allowing developers to re-architect trust in regulated multi-party enterprise use cases in ways that were simply not possible before.
So, Why a new platform version now? Simple, to ensure that the platform would address what Corda thinks that their customers need today and in the future.
The post shared, what seems to be a few, of the observations from R3’s journey experience to conclude on objectives for Corda’s 5 series:
- Faster and cheaper application development cycle. Allowing you to quickly prove the value of your solution & rapidly promote it to production.
- Lower cost of operations for a larger array of operating models (not just for “a” node operator, for an application operator, for a variety of operating models).
- A new architecture to be HA and horizontally scalable from the ground up (to power the next-gen critical system that will support any app in our ecosystem).
App networks are the best go-to-market for distributed applications. The emergence and success of the concept of business networks — purpose-built permissioned applications and (often) technical networks have led Corda 5 to optimize the development, distribution, and lifecycle management of applications — “application-centric” —a new vision overlooking the developer/software vendor experience doing it without compromising the interoperability potential that made a large network on Corda successfully powerful.
Build the new critical system infrastructure . Use cases are growing among large financial market infrastructure providers, payments providers, and central banks, leading Corda to seek an architecture that would allow it to reach the high availability demands of critical services.
Corda 5 ambition is to have a scalable, highly available distributed system that can power an entire country’s money supply or the biggest international payment networks in the world.
Bootstrapping a networked application is incredibly hard, but the speed and lower costs can help. Successful examples of customers iteratively building their participants’ pipeline & their application and finding creative ways to speed up the GTM (through SaaS) to reach the critical mass has led Corda 5 to be faster to develop on, cheaper to test for production-grade applications — so that rapid prototyping can help pipeline building, and a simpler path to production can help convert your prospects in live participants.
Progressive decentralization: When re-architecting trust, there is no one size fits all & you don’t build for the end state first. Having seen the early success among Corda’s ecosystem and across the industry of progressive decentralization, a progression towards a distributed end state is often the safer and easier way to test the market fit of a solution.
In Corda 5 these hybrid models will be possible, with a more flexible architecture that allows you to move between different operating models (progressively reaching your end state).