R3, an enterprise software firm leading a blockchain consortium of major global banks, has launched version 1.0 of its Corda distributed ledger platform.

According to the official release, the platform’s codebase has been developed in collaboration with 50 member firms. R3 said that this marks a major milestone for the development and implementation of applications on the platform, dubbed ‘CorDapps.’

Corda is a blockchain-inspired open source platform. By enabling institutions to transact directly using smart contracts, it removes friction in business transactions, while ensuring the highest levels of privacy and security. In November 2016, R3 made the platform open source, granting the global developer community universal access to its source code.

R3 said that the foundation of the platform is now complete with the stability of Corda’s core application programming interface (API). CorDapp developers would now be able to build on Corda v1.0 with the assurance that any future improvements and enhancements to the platform will not disrupt their work.

“This is a significant moment for the evolution of distributed ledger technology. Most other platform providers don’t commit to this. Their early adopters risk being trapped in evolutionary dead ends as the platform evolves in incompatible ways. With Corda v1.0 we are protecting CorDapp developers from this fate - this is the firing of the “starting gun” for real development and deployments to start in earnest,” Richard Gendal Brown, CTO of R3, said.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest