The key differentiator of Corda is that it doesn’t group all the transactions that need confirmation into a block, hence Corda is not considered a blockchain but a distributed ledger. Additionally, Corda transactions are not shared with all nodes on the network but only with parties involved in the transaction. Corda confirms transactions in real time so that transactions don’t have to form a block before they are confirmed. The transactions are timestamped by a Corda notary in order to prevent double spend issues. You can setup a permissioned Corda network with your business network or join the Corda Network. The Corda Network is a ‘mainnet’ for Corda nodes that organisations can join.
Corda offers business networks a peer-to-peer model that ensures privacy and confidentiality. Corda Network leverages its unique privacy model and enables businesses to transact openly and flawlessly with all their business partners, without trapped assets or islands of information.
Use Case Example
The trade finance ecosystem remains an opaque and fragmented industry heavily dominated by paper processing and multiple participants along the transaction lifecycle. The antiquated processes burden all of the companies involved—banks, importers and exporters, insurers, export credit agencies and various service providers. With rising costs and operational risk, the industry has been seeking solutions to simplify, better manage, and digitize trade, making it ripe for the benefits of blockchain technology.