In a press release on Jan 22, the Blockchain firm R3 stated they have signed a 5 year deal with the Dutch international bank ING. This entitles the bank to an unlimited number of licences for R3’s commercial platform, Corda Enterprise (the commercial distribution of Corda R3’s open source blockchain platform). The deal is designed to encourage the adoption of CorDapps – Corda’s decentralized applications – across a wide range of business functions and will allow ING to roll out access to Corda Enterprise on a global scale.
ING Contribution to R3 CorDapps Financial Services
CorDapps provide a number of financial services applicable in the banking industry, including trade finance, identity, insurance and capital markets. By applying CorDapps, ING will likely contribute to the wider adoption of the Corda Enterprise platform.
ING take a proactive position on blockchain technology. They recently joined a consortium to digitise the mining and metals sector and are working with the mining technology company, MineHub, to build a new mining supply chain solution on top of the IBM Blockchain Platform.
“ING has been an enthusiastic adopter of blockchain technology and a valued long-term partner to R3,” says David Rutter, CEO of R3. “For example, in trade finance, it was involved in the first live trade on Project Voltron. It was also one of the participants in the fist live securities lending transaction on blockchain through HQLAx”
Annerie Vreugdenhil, Head of Innovation for wholesale banking at ING said: “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 licensing 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”.
David Rutter said: “We look forward to seeing how the diverse CorDapp ecosystem can deliver gains in productivity, efficiency and profitability across the bank’s diverse business areas”.
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