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2.2 Prerequisites

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Corda is a platform provided by R3 which is an open-source distributed ledger technology and it is known for handling complex transactions including the fact that it restrains access to the transaction data [11]. This platform terminates the need for third-party intermediation and the need for all the nodes on the Corda network to have data about every transaction, unlike other blockchains, where this data is accessible by all the nodes of the network [12]. Corda is used by many businesses, like financial and medical institutions to keep a shared ledger of transactions [13]. It is to be noted that Corda has many benefits of a blockchain, but it is not a blockchain [14]. This is more similar to Hyperledger Fabric [15] and Quorum [16] when compared to Ethereum [17] and Bitcoin [18]. The practice of using distributed ledger technology over blockchain discards the additional effort and time that networks waste to keep data consistent amongst all nodes. Another point to be noted is that people assume that “blockchain” [19] and “distributed ledger technology” [20] are the same and end up using these terms interchangeably.

The New Advanced Society

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