As of September 2017, R3 is a consortium of over one hundred large global financial institutions, that seeks to leverage distributed ledger technologies to record, manage, and automate legal agreements between businesses through its software solution, called Corda.
Corda is a distributed ledger platform, which features a blockchain-style P2P network; however, it is not a blockchain platform. Unlike blockchains, which involve global availability of data across the network and third party validators, Corda only allows information access and validation functions to parties actually involved in the transaction. Featuring a different software architecture, "Corda achieves consensus between firms at the level of individual deals, not the level of the system" (Richard Gendal Brown, 2016), while supporting a variety of consensus mechanisms.
For more information, please refer to https://www.corda.net/.
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