Using Corda to Digitize Workflows
By: The R3 Team
During a lively and informative panel session at CordaCon 2020, R3’s Jed Talvacchia was joined by representatives from Coadjute, Agora, and Monetago to discuss the use of Corda to digitize workflows.
As Jed highlighted, all three companies represent a trend for innovators to work with the Corda ecosystem to create “practical, utilitarian approaches to their value proposition and delivery, as opposed to kind of the ‘blue ocean’ pitching of utopian visions we maybe saw back in 2017.” Jed then asked each panelist how they’d gone about zeroing in on a specific value proposition for digitizing workflows and then taking it to market. All three provided fascinating insights into their respective journeys to successful innovation on Corda.
“We’re laser focused on helping the property software providers create new versions of their platforms that are fully connected, by offering them a digital backbone to connect users across platforms.” – John Reynolds, COO & Founder, Coadjute
John Reynolds of Coadjute began by describing his company’s strategy in the real estate industry. “The real estate market is very fragmented,” he explained. “You already have leading software providers creating and delivering excellent products, but those software systems don’t connect to each other. So we’re laser focused on helping the property software providers create new versions of their platforms that are fully connected, by offering them a digital backbone.”
Digitizing workflows for the financial industry
Turning to how MonetaGo is digitizing trade finance workflows, Jesse Chenard said success was ultimately about finding a product that made sense to the market. He commented: “When we go in, we don’t say, ‘Hey, we’re a blockchain company and we say we’re offering a fraud mitigation solution based on Corda DLT.’ Instead we say, ‘Would you like to reduce fraud in your trade finance division?’ And the answer is yes. So it’s a compelling solution – and the way we’ve priced it on a per transaction basis is something that the market’s used to buying.”
“We’re a huge collaborator with everybody because the technology we’re selling is very powerful and it connects and enables people to do their jobs better and more efficiently
Charlie Berman of Agora-Digital Capital Markets stressed that he is not a technologist by background, but a vastly experience bond market practitioner. “DLT in the form of Corda is almost the ideal platform to solve a number of problems in the bond markets,” he explained. “The market requires massive scalability, absolute levels of privacy and confidentiality, and the ability to move from bilateral conversations involving two parties into multilateral conversations involving a number of parties. So, like Jesse [from MonetaGo], we don’t lead with the blockchain element. We lead with what pain points we’re dealing with and the huge opportunities on offer.”
If you’d like to hear more about how Corda is being used to digitize workflows across these industries and more, you can view the full panel session from CordaCon here.
Agora’s Charlie Berman, MonetaGo’s Jesse Chenard and Coadjute’a John Reynolds speaking at CordaCon 2020.