Commercial paper is an unsecured form of promissory note that pays a fixed rate of interest. It is typically issued by large banks to cover short-term receivables and meet short-term financial obligations. Unlike any other of bond, the issuing entity offers the paper assuming that it will be in a position to pay both interest and principal amount by maturity. There are more than 6 to 8 entities which are involved during the entire life cycle of the commercial paper. Although the commercial paper is a short-term debt the process of registration and the subsequent flow takes lot of physical documentation and signatures which is time consuming.
With R3 Corda platform, data is only shared on a need-to-know basis. Transactions are sent over an authenticated peer-to-peer network of nodes where the communication between nodes is over TLS (Transport Layer Security). Transactions and attachments are digitally signed, and Corda notaries check the double-spend of commercial papers.