What's Improved in Next-Gen R3 Corda 5 Beta 3.0?

R3 Corda is an open-source blockchain platform that is designed specifically for use by businesses. It provides a secure, reliable, and scalable environment for building decentralized applications. The latest release, R3 Corda 5 Beta 3.0, brings a host of new features and improvements that promise to make the platform even more useful and accessible to businesses of all kinds. In this article today, we will check out the proposed new features and improvements in the beta 3.0 version compared to its predecessor.??

To check out our previous article on the features of the beta 2.0 release, click here.?

What is R3 Corda 5?

R3 Corda is a distributed ledger technology (DLT) platform designed specifically for businesses. It allows organizations to create secure and private networks to manage and automate complex business processes. Corda 5 is the latest version of the Corda platform, released in September 2021.

Corda 5 has several new features and improvements, including enhanced privacy and security features, support for multiple databases, and improved performance and scalability. It also includes a new programming model that allows developers to write smart contracts in multiple programming languages, including Java, Kotlin, and JavaScript.

Proposed Improvements in R3 Corda 5 Beta 3.0?

R3 Corda 5 Beta 3.0 includes several improvements and new features compared to its predecessor versions. Some of the major improvements in R3 Corda 5 Beta 3.0 are:

• Multi-Party Workflow Orchestration: R3 Corda 5 Beta 3.0 introduces a new feature called "Flow Orchestrator" that allows multiple parties to collaborate on a single workflow, streamlining the process and reducing the time and costs associated with manually coordinating between parties.
• Enhanced Smart Contract Development: R3 Corda 5 Beta 3.0 improves smart contract development with better contract lifecycle management, more efficient testing, and easier deployment. The new version also includes new contract templates, which provide a quick and easy way to get started with contract development.
• Better Network Management: R3 Corda 5 Beta 3.0 enhances network management with improved network stability and better management tools. The new version also includes better node performance and scalability, which allows for faster transaction processing and better network performance.
• Improved Security: R3 Corda 5 Beta 3.0 includes several security enhancements, such as improved secure messaging, enhanced security auditing, and better key management. These enhancements help ensure that transactions and data on the network are secure and tamper-proof.
• Upgraded Interoperability: R3 Corda 5 Beta 3.0 supports more interoperability with other blockchain networks and platforms. The new version includes better support for Ethereum smart contracts, improved interoperability with Hyperledger Fabric, and better cross-chain interoperability.

Resolved Issue

Firstly, the getTransactionBuilder() function in utxoLedgerService, which was previously mapped to a transactionBuilder property in Kotlin, has been renamed to createTransactionBuilder(). Any existing CorDapps that use the ledger must be updated accordingly.

Secondly, the Party class, which was previously used to identify notaries, has been removed. This is because the class suggested an identity model that does not exist in Corda 5.0. Instead, notaries are now identified by their MemberX500Name and PublicKey, which provides a more accurate representation of their identity. This change has been made to clear API space for a proper identity model that will be introduced in a later version of Corda.

Corda 5 Beta 2.0 Vs Beta 3.0

R3 Corda 5 Beta 3.0 is the latest release of the Corda platform, and it comes with significant technical improvements over the previous version, Corda 5 Beta 2.0. Here's a technical comparison of the two versions:

• Protocol Upgrade: Corda 5 Beta 3.0 introduces a new messaging protocol, which is more efficient than the previous version. This upgrade significantly improves the performance of the platform, allowing nodes to process transactions faster and more efficiently.
• Database Upgrade: Corda 5 Beta 3.0 comes with an upgraded database schema that allows for more efficient storage and retrieval of data. This upgrade enhances the overall performance of the platform and reduces the amount of disk space required by nodes.
• Cluster Administration: The Corda REST worker has been updated to support Kubernetes Ingress, allowing for HTTP load balancing and optional annotations for additional integration.
• Simplified Deployment: Corda 5 Beta 3.0 introduces a new deployment process that is more streamlined than the previous version. This feature simplifies the deployment of Corda nodes, reduces the time required for setup, and makes it easier for developers to test and deploy Corda networks.
• Improved Interoperability: Corda 5 Beta 3.0 offers improved interoperability with other blockchain platforms. This feature enables Corda to work more seamlessly with other systems and applications, making it easier for businesses to build comprehensive blockchain solutions.
• Enhanced Security: Corda 5 Beta 3.0 includes several enhancements to its security features. These enhancements include improved access control mechanisms, more secure cryptographic protocols, and enhanced network-level security features.
• New Developer Tools: Corda 5 Beta 3.0 introduces several new developer tools, including a new API for managing Corda nodes, a new web-based IDE, and improved documentation. These tools make it easier for developers to build and test decentralized applications on the Corda platform.
• CorDapp Development: UtxoLedgerService now includes three new functions: sendAndReceiveTransactionBuilder, receiveTransactionBuilder, and sendUpdatedTransactionBuilder. These functions facilitate the negotiation of transaction components between parties.

Summing Up

Corda 5 Beta 3.0 is indeed a technical upgrade over the previous version, Corda 5 Beta 2.0. The new messaging protocol, upgraded database schema, and enhanced security features make Corda 5 Beta 3.0 faster, more efficient, and more secure than its predecessor. Additionally, the simplified deployment process, improved interoperability, and new developer tools make it easier for businesses to build and deploy decentralized applications on the Corda platform.