R3 Consortium Launches XRP-Enabled Payment App
Blockchain consortium R3 has introduced the Corda Settler application, designed to make global cryptocurrency payments in corporate distributed networks, reports CoinDesk.
As stated in R3, XRP was the first cryptocurrency supported by Settler. This is a rather unexpected move, given the litigation between R3 and Ripple in the past..
“The launch of Corda Settler and the inclusion of support for XRP as the first payment mechanism is an important step to show how the ecosystems formed by two of the most influential cryptocurrency and blockchain communities in the world can bring together,” said Richard Gendal Brown, CTO at R3. “Although Settler will be open to all forms of cryptocurrency and traditional assets, demonstration using XRP appears to be the next logical step in the dissemination and use of digital assets to transfer value and make payments.”.
Corda Settler is an open source application in the CorDapp suite that allows you to pay off obligations arising in the Corda network through any parallel mechanism that supports cryptocurrencies or other crypto assets, as well as a traditional payment mechanism that can provide cryptographic confirmation of the fact of a transaction.
The application verifies that the appropriate amount has been credited to the beneficiary’s account and automatically updates the information in the Corda registry. In the next step, Settler will add the function of deferred netting of transactions and payments on a net basis in real time.
When a certain payment obligation arises in the Corda system in the course of business, its users will be able to request XRP payment. The other party will receive a notification that the request has been sent with related information. As soon as the service oracle confirms the fulfillment of the terms by both parties, the obligation will be considered extinguished.
A source close to the situation said that the rift between R3 and Ripple in the past did not play any role in today’s release, and the launch of a new payment mechanism should help cryptocurrencies gain a more “legitimate” status.