Is it possible to use Corda for non IOU cases. A typical one comes up is “stand by letter of credit”. They are not really IOU cases and I don’t think it needs a notary. Bank X’s customer asks a letter and sends it to a party they work with. Is it possible to implement something like that out of the box? I can think of an implementation like, customer asks letter from Bank X, Bank X can create a contract with a document with 0 value and send to customer or sends it to receiver, tough. Are there any examples implementing a similar scenario?
Corda can be used for a lot more than just IOUs! The samples directory alone contains examples for interest rate swap management.
But yes, you can use Corda for pure messaging too. Just write a flow and don’t bother writing states or contracts. Your flow would have to take the data structure received from the counterparty and insert it into your own database tables, but that’s no big deal. If the object in question doesn’t have a lifecycle of its own, then the infrastructure of transactions, notaries, the vault etc is just overhead and Corda lets you skip it.
We’ll probably be fleshing out support for these sorts of apps more in future with examples and so on, but for now, the messaging, data serialisation and identity layers at least can be useful.
Thanks for your explanation. I have 2 conceptual questions.
1)How Corda model can support customer of a node owning organization? As far as I can see examples include transactions btw node owning parties. If a bank needs to issue something to its customers or a customer needs to buy an asset (like a stock) or a customer transfers an asset from one party to another party, how do clients fit into to the model? (here customer does not own and operate a node and is not part of network as a Party)
2) Related with question 1, how can Corda integrate with digital/secure wallets owned by (for example) a bank’s client?