ING Bank, a major Dutch International bank, has just announced that it has signed a five-year deal with R3. R3 is an enterprise blockchain consortium that holds a commercial blockchain platform. R3 released the news in a press release yesterday.
ING Bank Takes on Blockchain
R3’s commercial blockchain platform is called Corda Enterprise. This new five-year deal allows ING Bank a number of licenses for Corda and can roll out access to the platform.
Corda will be rolled out through ING Bank globally and seek to deploy production-ready CorDapps across various business areas. CorDapps are decentralized applications run on R3’s blockchain network. The apps cover a wide range of financial services such as capital markets, trade finance, insurance, and identity.
Annerie Vreugdenhil, ING Head of Innovation for wholesale banking, commented:
“Our longstanding joint journey with R3 has proven that this is the most mature enterprise DLT solution to serve the needs of the financial service industry. Strengthening our partnership, by signing this licencing agreement, marks a huge milestone towards empowering clients to transition to a distributed economy. We are one step closer to deploying live DLT solutions for our clients with the supported infrastructure in place.”
Last week, R3 announced the launch of its Corda Network with a new governing foundation. The company’s CEO, David E. Rutter, said that ING Bank had been an active adopter of blockchain in the global banking space. It seems the Dutch bank has been testing products with R3 for years and now it will bring blockchain full-scale within its bank.
It remains unknown at this time how quickly the Corda Network will be integrated into ING’s daily operations. In late 2018, ING Bank was a part of a group of banks that completed a live commercial paper transaction based on Corda.
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