Dutch international bank ING has signed a deal with enterprise blockchain consortium R3 for access to R3’s commercial blockchain platform, according to a press release published Jan. 22.
As a part of the five-year agreement, ING Bank is set to acquire an unlimited number of licenses for R3’s Corda Enterprise platform. The banking giant plants to implement Corda’s decentralized applications (CorDapps) across its global business infrastructure.
Based on the R3’s commercial platform, CorDapps provide a number of financial services applicable in banking activity, including trade finance, identity, insurance and capital markets.
In turn, by applying R3’s CorDapps, ING will purportedly contribute to the wider adoption of the consortium’s Corda Enterprise platform.
R3’s CEO David E. Rutter noted that ING bank has been an active adopter of blockchain tech and a long-time partner for the firm, referring to the bank’s participation in the first live trade of the Corda-powered Voltron trade project in November 2018. Rutter also mentioned that ING had jointly completed the first live transaction in securities on R3’s Corda in March 2018.
Last week, R3 announced the launch of its Corda Network that is set to be managed and monitored by a recently founded non-profit organization called Corda Network Foundation. The network will reportedly serve as a base layer for identity and consensus between participants, and enable transfers of data and digital assets to business networks, as well as between CorDapps.
In late 2018, a group of multinational banks, including ING, completed a live commercial paper transaction based on R3’s Corda-powered tool, Euro Debt Solution.
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