Distributed ledger technology firm R3 has released a new application that supports XRP payments.
Corda Settler is an app R3 has explicitly built to allow parties verify that transactions have been settled, with any payment obligations raised on the platform made via “any of the world’s payment systems, both traditional and blockchain-based.”
R3 says the platform will make it easy for enterprise blockchains to handle international crypto payments, with XRP being used as the first cryptocurrency.
The launch of the Corda Settler and support for XRP is a move that sees R3’s ecosystem and that of Ripple, working together. It is a development that looked less likely in the last few months, given that that Ripple and R3 have had fierce legal battles over XRP.
But after the two companies settled their longstanding dispute, anything was possible really.
According to Richard Gendal, the CTO of R3, Corda Settler and its support for XRP is an indication that the two blockchain software providers “can work together.”
“While the Settler will be open to all forms of crypto and traditional assets, this demonstration with XRP is the next logical step in showing how widespread acceptance and use of digital assets to transfer value and make payments can be achieved.”
Corda Settler is an open-source CorDapp, with R3 tweeting that the platform will allow any payment obligations that arise on the Corda network to via cryptocurrencies or other crypto assets.
The platform will also allow settlement of any payments made on any traditional rail “capable of providing cryptographic proof of settlement.”
According to R3, the application will verify that a given account (of the expected beneficiary) has been credited with the payment, as expected by the transacting party. The app then automatically updates the Corda ledger.
The Settler provides transacting parties with an opportunity to verify that payments have been made before designating it as settled. In the event of a payment obligation arising on the Corda system, one of the parties can request for the settlement to be in XRP.
The system will then notify the other party that the requested settlement is in XRP and that the contacted party has to instruct the payment be made to the requisite address before a specified deadline.
An oracle service then validates the specified payment as having been made, and once that has happened, the two parties treat the payment obligation as having been settled.
In the future, the Settler will be enhanced to allow support for both domestic deferred net and real-time gross settlement payments.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.