In this article, we will go through the best Corda use cases out there. Our focus will be on exploring what Corda has to offer through the R3 Corda use cases.
Blockchain has always been evolving at a rapid pace. Initially, it started with bitcoin, a public blockchain, but soon the organizations learned that they cannot use a public blockchain, new types of blockchain started to arrive.
One of the new blockchain solutions that aim to solve problems for business is Corda. Corda is an open-source blockchain platform that is aimed at businesses. With it, businesses can create CorDapps within the global blockchain ecosystem. To ensure proper utilization, Corda aims to bring transactions directly into the business with the use of smart contracts‘ privacy features. Moreover, they also want to reduce record-keeping and transaction costs, resulting in streaming business operations.
In short, it handles transactions differently, improving scalability, speed and feasibility.
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What Are the Corda Features?
Before we go on and discuss the Corda blockchain use cases, let’s look at some of the key features that Corda has to offer.
- Corda Is Open-Source: It is one of the main features of Corda as everything is open source. That means that the code is available for free under the Apache 2 license.
- Corda Is Open Design: Corda is very agile and flexible when it comes to meet business requirements. This means that businesses can scale with it and ensure proper growth.
- Corda Supports Open Development: Corda is open development which is a robust community of developers that are working towards better functionality, features, and enhancements.
- Proven Features: Corda has proven performance backing it up. It can handle 600 transactions per second and help you cope with the increased activity with the network.
- Highly Scalable: Corda is highly scalable and has the ability to store and process data using a ledger.
- Secure and Private: Corda’s approach is different compared to other ledgers. In this case, you will only share the transaction history when you need it. Also, you can host the nodes inside the corporate firewall so that their information is always secure. Finally, Corda utilizes HSM integration to make sure that the process of signing keys remains protected.
- Cloud-Ready: Corda can be hosted on cloud solutions and can also be set up using Docker for better flexibility and scalability.
- Interoperability: Corda is 100% interoperable and compatible with other blockchain networks and can be used to do transactions. Therefore, it’s one of the top platforms that promote blockchain interoperability.
- Enterprise Integration: Corda is also packaged to integrate with mission-critical systems and enterprise systems.
Also Read: 30+ Corda Interview Questions And Answers
Corda Main Components
Corda’s main components include the following
- States: They are immutable and are used to share facts between the parties.
- Contracts: The contracts are used to evolve the state and control them.
- Transactions: Transactions are used to make the state change possible
- Corda Flows: It helps manage successful transaction execution.
- Consensus: The consensus algorithms verifies and validates the transactions.
- Corda Node: Lastly, the node manages the flow in CorDapp.
Here’s a comprehensive Corda tutorial guide where you can learn more about these.
Best Corda Use Cases
Now that we have a good understanding of what Corda has to offer, we can now get started with the R3 Corda enterprise blockchain use cases. All these use cases of Corda are hand-picked to showcase the capability of Corda in solving different problems.
Let’s get started with the use of cases for Corda.
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Healthcare is one of those sectors that require a lot of improvement. Right now, healthcare is slowly being transformed with the use of a blockchain solution. Corda can provide the necessary means to change healthcare solutions.
One of the biggest issues with healthcare is the fragmentation of the stored data and services. This fragmentation can lead to multiple issues, including poor patient care, slow claims processing, and increased frauds. You can solve all these issues with Corda.
You can use Corda to implement the Electronic Health Records (EHR), where the priority is storing and facilitating patient data. With the Corda blockchain for healthcare, the user can interact with the EHR and learn about their decentralised network data. Other members, including doctors and practitioners, can also take advantage of the available data by accessing it with the patient’s permission. You can use publicly available data to do research and solve critical illness problems.
Lastly, Corda’s usage in healthcare also means improved claims management. You can use the claims to improve insurance with healthcare which in itself is a complex process. It takes quite some time to claim insurance. By using Corda, the healthcare and insurance sector can improve customer satisfaction.
This leads us to the end of our healthcare Corda use cases.
The next best Corda use cases that we are going to list is the finance sector. The finance sector has been the number one sector that is making use of blockchain. With Corda, the finance sector can create a funnel to secure customer data and do fast transactions. It will improve the whole network with increased operational efficiencies, reduced operational cost and better processing time. It will also increase trust among institutions due to transparency and data immutability. Corda blockchain in payment sector can offer faster transactions which can come in handy in times of need.
The finance sector has been completely transformed by blockchain technology, and Corda seems to be the right choice for it. That’s why we think finance is one of the strongest Corda use cases out there!
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Capital markets can also benefit from the use of Corda. In most capital markets, there are issues with the different aspects of the life cycle. It still continues to be error-prone, with inefficient systems powering it. On top of all of these, regulatory burdens make it even harder for the systems to work as efficiently as possible. Because of all of these, existing and new markets feel pressure and need a solution for it.
With Corda blockchain usage, the capital markets can see an improvement in their process with the removal of inefficient ways. The entire lifecycle will be boosted with the use of blockchain. This will also help the markets attract global investment and instil trust among the different entities.
As Corda can work in mission-critical environments, it is no doubt that it can work in capital markets.
Digitalization is also an integral part of the growing future. With digital assets rising, it is important for organizations to use a blockchain solution that is capable of handling the transformation with an efficient way of storing, handling and processing those assets.
Corda is a perfect candidate when it comes to managing digital assets. It can ensure proper transactions with improved scalability, security, and reliable controls to manage digital assets.
With Corda, it is also easy to develop digital asset systems like central bank digital currencies that you can use in institutional settings and work upon with developers’ tools and standards. The assets also benefit from key features such as atomic transactions, which means that you can’t duplicate the assets and instantly settle transactions between participants.
Lastly, Corda also supports the assets natively on their market and improves their scalability, privacy, and identity.
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Another use case of R3 Corda is digital identity. Digital identity is a big issue in the current world. It is easy for anyone to copy digital identity and do data theft.
Companies also need to make sure that they have proper ways to secure personal data so that they can win the trust of their users. The current approach is not perfect. It is plagued with poor data management and sharing personal data.
Clearly, adopting DLT/blockchain is one of the best ways to manage digital identity, and Corda is a good DLT to solve it. Even though there are a few blockchain adoption challenges to overcome, still the benefits outweigh the flaws. By using Corda, companies can make their digital identity management to run without any inefficiencies and flaws. It can take care of digital identity verification, collection, and other management lifecycle tasks.
Corda’s choice for digital identity is really great, and you can back it up with the fact that it offers a secure distributed network of data, which makes sure that it can keep sensitive personal data off-chain. Furthermore, it can streamline the process by ensuring that the identity provision lifecycle runs as intended. It also works with corporate KYC and self-sovereign identity. Lastly, the decentralized framework minimization and end-to-end encryption simplify the verified identity access.
The digital identity problem is one of the use-cases that are common among other blockchain technologies, including Corda use-cases.
Inefficiencies are also plaguing the energy sector very much. Not only that it also suffers from assets low traceability, trust among counterparties, manual documentation practices, outdated and painstaking contract disputes.
To solve all of these, the energy companies need to make sure that they use DLT or blockchain technology to reshape how the energy sector works. They can use it to change back-office systems, energy trading, peer-to-peer interactions and digitize assets. On top of all of these, they can make everything efficient.
Corda seems to be a great choice for the energy sector as it helps digitize energy into digital assets. Once done, energy as an asset can be shared and traded with ease. It also supports the tracking of renewable energy certificates and carbon credits, making it easy for players to work towards a better future. Moreover, with it, anyone can verify the identity and ensure that safety training and permits are there to meet the complaint. The immutable record also goes a long way as it ensures the right mineral and ownership rights.
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Governments are very keen when it comes to managing their assets and process. Right now, their way of working is not so good. They lack trust and also have to invest tons of money in managing their current systems.
Blockchain for government offers a way to improve efficiencies among their systems by ensuring proper trust, transparency, and collaboration.
Using blockchain like Corda will remove the abuse, mismanagement, abuse, fraud, and waste within the old system.
So, how does Corda help?
You can use Corda to enable every level of Corda, including state, local, and federal, to make their systems more responsive, reliable, and efficient and use them to serve society better. They can also improve transparency as the public can check transactions using the tools made available to you. The government can model currency on the ledger and let users use it as digital money, improving how money flows and having better control over it. Lastly, the immutable records will help them resolve conflicts as well.
The government always need something unique and revolutionary to change their systems, and this is one of the best implementations of Corda use cases.
The insurance sector seems to be also suffering from an inefficient system. If you try to do insurance, it can take anywhere between a few days to weeks for you to get it. Claiming insurance is another story where the claimer needs to go through a lot of paperwork to process their claim.
In short, there are plenty of challenges that the insurance sector is currently suffering from, including inefficient contract placement, disparate data sources, and extensive manual intervention. All of these simply make the claims process complicated, and the whole process is stressful and costly.
Corda blockchain for insurance sector with a network where every player, including brokers, cedants, insurers, reinsurers, can work together and interact securely and instantaneously. Corda supports the seamless transfer of assets, which means you can settle insurance within the network. The process is also cost-effective as it can remove the resources necessary to do administrative work and auditing.
All of these make Insurance one of the best Corda use cases out there.
The supply chain is at the core of every industry out there. It is also complex, which makes it hard for businesses to manage it. Even though supply chain management works great for some scenarios, most of the time, it suffers from the inefficiencies related to it. For example, players such as suppliers, logistics providers, and corporate buyers have limited visibility when it comes to the movements of goods and their origin.
With DLT, such as Corda blockchain for supply chain, it can have real-time accurate location tracking for the assets. This will solve most of the supply chain issues, including oversupply, under-supply, frauds, and so on.
You can use Corda’s smart contract to track the supply chain and verify the information whenever possible. It gives all the stakeholders the required transparency.
One more thing that makes Corda an interesting pick for solving supply chain problems is permissioned blockchain. Here, regulators can access information, and the business can also carve the chain according to regulations.
Other key benefits of using Corda are better visibility, better efficiency and streamline record-keeping. In short, the supply chain is one of the best R3 Corda use cases.
We live in a connected world where telecommunication is very important. It governs how we connect through wireless and wired connections. However, not everything seems to be right in telecommunications, where major players are suffering losses due to mismanagement, inefficiency and other issues, including communications software, hardware, and settlements.
Not to mention, new wireless technologies evolution keeps the telecommunication industry on its feet which requires them to invest billions of dollars every few years.
Corda can help evolve telecommunications to a whole new level. It can provide a scalable, secure and efficient platform for sharing logic, data, and records. It also ensures better streamline KYC where it will become easy for the companies to onboard customers and help do settlement faster and easier. Moreover, atomic swaps make transactions easy and non-risky. Lastly, the whole use of Corda can reduce costs and improve scalability.
One of the widely known use cases of Corda is in the construction industry as it impacts privacy, workflow and identity properties.
Corda will be able to solve some of the core problems in construction, such as how contracts always delegate their work to sub-contracts, where the sub-contractors also do the same and pass their work to other contractors — leading to a chain of contractors that do not know what the actual client wants. Not to mention, the process also leads to profit-sharing, which in return leads to bad quality of work.
With Corda, contractors or clients can learn to transmit information down the chain and enable them to track contractors’ work. They can solve it by creating contracts and making sure that they agree to the jobs and get the payment after completing the work. The parties will also not be able to do frauds because of proper data distribution.
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This leads us to the end of our top Corda use cases. As you can see, Corda can offer a lot of use cases for various industries. This opens up a lot of opportunities for industries and sectors to grow and eliminate any underlying issues. Obviously, the only blockchain can’t solve all the problems. But it’s a good start.
Any novice who is aspiring to become a blockchain expert and wants to learn more about Corda should check out our Corda development course, as it offers a more in-depth analysis of the Corda ecosystem.