Chainstack, a blockchain solution provider, has developed an automated on-boarding process for R3’s enterprise-specific Corda Network, the company announced on Tuesday.
Currently, all participants need to verify their identities with the Corda Network Foundation, an independent not-for-profit that manages Corda Network. However, by automating this entire process, Chainstack is aiming to significantly reduce the access time of the network.
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“The role of onboarding is crucial to the value of a network because it limits its ability to scale and therefore its potential network effect,” Laurent Dedenis, co-founder and CEO of Chainstack, said.
“Without an easy and automated way for consortiums to onboard new members, companies are required to undergo costly bespoke integrations that can take months to complete. This is simply not a viable way for networks to scale, especially if the goal is to achieve mass adoption in large networks.”
Bringing blockchain to enterprises
R3 launched its Corda Network last year and has onboarded hundreds of enterprises, facilitating them a switch to the blockchain.
The network allows companies to interact and transact with any other participating business networks and entities on the network using applications built on Corda, known as CorDapps.
Recently, even Nasdaq partnered with R3 to use its solution for an “institutional-grade” digital asset marketplace.
Chainstack’s new identity management and automated onboarding can be integrated into both production and pre-production versions of the enterprise blockchain.
“Our overall goal at R3 is focused on streamlining legacy processes to bring enhanced efficiency and cost savings. Chainstack’s automated onboarding solution will enable R3 to roll those benefits out to more businesses worldwide, more quickly. We look forward to welcoming more firms into our growing roster of partners as more companies realize the potential of blockchain technology,” Cathy Minter, CRO at R3, said.
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