Building a crypto bank using Corda Blockchain framework

Corda

Blockchain technology Consensus Crypto Currency Cryptobank Ethereum Notary R3corda distributed ledger smart contract

Overview

Corda is a blockchain inspired open source distributed ledger platform. Corda is a financial service consortium. It was clients as a decentralized ledger where attention is paid to the way that data are processed. Millions of dollars spent every year to the reconcile the data.

Corda introduces a short processing logic to make organizations, financial synchronization, and reconciliation.

A wallet is a bill to container were cryptocurrencies are stored. Corda uses a wallet to track the current state of the ledger. States contain the shared information in a regular blockchain transaction are part of the Markle tree.

The head of the blockchain is built with a new hash reference pointing to the latest created heather. Transactions in corda were completely different transactions are not a group in a block with unrelated transactions.


In corda, there is not a global update of the ledger only a point-to-point communication so bringing various transactions together in a block wouldn’t make sense in corda.

  • Corda has no unnecessary global sharing of data: only legitimate parties can see the data within an agreement.


  • Corda choreographs workflow between forms without a central controller and also come with the variety of consensus mechanism.


  • Corda achieves consensus between forms at an individual deal and not at the level of the system which happens in an ethereum and appears amongst in a blockchain.


  • Corda transaction are validated by parties to the transaction rather than a border pool of unrelated validators.


  • Corda records an explicit link between human language legal prose documents and smart contract code.


  • Corda is built on industry standard tools like Java, kotlin JVM languages.


  • The code in Corda is written using Kotlin, a programming language from JetBeans that targets the JVM and Javascript. The major reason for choosing Kotlin is the high level of integration. Due to the JVM, any related programming paradigm can be used.


  • Corda has no native cryptocurrency.


  • Corda stands on IOU model.


Use-cases

Here, @BTT we have built cryptobank in corda.

  • Above figure shows the transaction model which describe the transaction between two parties.

  • Here, John and Kate, they want to do a transaction where John is a sender and Kate is a borrower for an amount of $100. So, in this case, the initiative is the Lender and acceptor is a borrower.

  • The initiator creates the transaction, signs it using their private key, records it and sends it across the network to the acceptor. Only John and Kate who are in a network can see this information, nobody else can.

  • In corda, there is no single central store of data. Each node maintains a separate database.

  • Corda network doesn’t broadcast all its information to all its nodes. A node could be added to the corda through a permission service which is also called doorman.

  • It enforces rules for nodes to provide information before they could be admitted to the network. It also comes with Notary services to guarantee uniqueness of the transactions and restrict double spending issue.

Our Offers

Ethereum

  •  It is the Generic Blockchain platform.

  •  It is developed by Ethereum governance.    

  • The ethereum’s mode of operation is permissionless, public or private.

  • Smart contract:

    solidity

  • Currency:

    Ether, token via smart contract

Consensus:

- Mining based proof-of-work.

- Ledger level    


Hyperledger Fabric

  • It is the modular blockchain Platform. 


  •  It is developed by the Linux Foundation.

  • The hyperledger’s mode of operation is a permission and private.

  • Smart contract:

    Go, Java

  • Currency:

    None Currency and token via chaincode

 Consensus:

- Broad understanding of consensus that allows multiple approaches.

- Transaction level.

Corda

  • It is the modular blockchain Platform. 


  •  It is developed by the Linux Foundation.

  • Corda’s mode of operation is permission and private.

  • Smart contract :

    kotlin, java, Smart legal contract (legal prose)

  • Currency:

    none

Consensus:

- Specific understanding of consensus(i.e. Notary nodes)

- Transaction level 

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