Software developer R3 has launched version 1.0 of its Corda distributed ledger platform that could be critical for the development of digital letters of credit (L/Cs) based on the system originally developed for crypto-currencies.

The launch signals a major milestone for the development and implementation of applications on the platform, known as CorDapps.

Platform complete

According to R3, the foundation of the platform is now complete. This means that CorDapp developers can build on Corda v1.0 without the risk of future improvements and enhancements to the platform disrupting their work.Corda is a distributed ledger platform that enables institutions to transact directly using smart contracts, while ensuring the highest levels of privacy and security.

It is the outcome of over two years of intense research and development by R3 and its 100 plus members.

Bolero agreement

Separately, R3 has agreed to work with Bolero on an electronic bill of lading service.

The partnership follows R3's pilot with Mizuho of Japan to digitise L/Cs and bills of lading.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.