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Corda is considered a private permissioned blockchain. It is a specific-purpose distributed ledger technology, built from the ground up, to support the financial and insurance industries. It focuses on transaction privacy using a shared immutable ledger that's agreed upon by all parties through smart contracts.
To maintain the shared immutable ledger, Corda was built according to the following core concepts:
In Corda, consensus is achieved in two ways:
Like Hyperledger, consensus in Corda is pluggable, which allows notary clusters to choose a consensus algorithm, fitting the needs of the business transactions. In Corda, a “notary” is an abstraction of an ordering service. A “notary cluster” is a collection of notary nodes using a consensus algorithm among them. This consensus algorithm may or may not be byzantine fault tolerance. Newer high-performance notary services, like crash fault tolerance (CFT) notary services were prototyped, which are based on Atomix, a light- weight Raft-based fault-tolerant distributed coordination framework.
A smart contract can be developed using Java, which is a good selling point for many enterprise developers since Java is a relatively dominant programming language. In fact, it can be written in any JVM language, for example, Kotlin or Scala, and has access to the full capabilities of the language.
Corda is supported by a network of Coda nodes, and only authorized nodes can join the network with permissions. The transaction is only accessible by the transacting parties, which ensures the transaction's privacy.
If you like to explore more private distributed ledger platforms, reading the below articles is highly recommended:
This article is written in collaboration with Brian Wu who is a leading author of “Learn Ethereum: Build your own decentralized applications with Ethereum and smart contracts” book. He has written 7 books on blockchain development.
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