ING Bank Signs Agreement With R3 Blockchain Consortium
ING Bank from the Netherlands concluded a contract with the R3 blockchain consortium for five years, which provides the company with a limitless number of licenses to use Corda Enterprise, a commercial platform, as follows from a press release.
The agreement will allow ING to implement the Corda blockchain platform in its branches worldwide and to deploy ready-to-work distributed CorDapps in various business aspects. CorDapps can be used in many financial services, namely customer verification, insurance, trade financing, and capital markets.
Corda is an open-source distributed platform that has been specially created to meet the requirements of business nowadays. Its functions include confidentiality, consensus, and simplicity of integration. The platform can be used in various companies.
ING Bank has long gained the status of a financing institution seeking to take a leading position in financial innovation, including with the implementation of blockchain technology. There is a large team of specialists at the bank who explore the advantages of modern technological solutions, including, apart from blockchain, AI and the IoT.
R3 has developed the most appropriate DLT solution for organizations providing financial services, Annerie Vreugdenhil, the Head of Innovations at ING Bank, stated. In her opinion, the partnership can be called a serious step towards the transition of clients to a distributed economy.
As previously reported, the payment system with the XRP support was launched on the Corda blockchain.