The future of banking with R3 ‘s Blockchain technology
In a recent report the Dutch bank and financial services ING group has managed to open up a five-year licensing deal with the Blockchain consortium startup R3.
This deal is meant to use the acclaimed Corda Enterprise platform in order to enable global money transfers with its blockchain.
The R3 Blockchain that goes by the name Corda, has been in development for a while now with its announcement on Tuesday that it has started a deal with ING.
It will be providing an unlimited number of licenses for the Corda platform while at the same time, allowing banks to deploy its blockchain technology and ready to use Corda Distributed Applications (CorDapps) across international business operations.
These CorDapps will be covering a multitude of financial services with activities that include trade finance, identity, insurance and capital markets.
According to the announcement made by the R3’s CEO David Rutter, he said:
“As ING takes full advantage of access to Corda Enterprise, 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.”
The licensing agreement was marked as a huge milestone towards the transitioning and adoption of the bank’s clients distributed economy as mentioned by Annerie Vreugdenhill the head of innovation and wholesale banking at ING.
The bank stated that it is one step closer to the full and live deployment of DLT solutions for their clients together with the support of the infrastructure in place.
ING has also made previous partnerships with R3 in order to use its Blockchain for its financial services.
In the past month the bank, together with three other European banks, namely, Rabobank, Commerzbank and Natixis made a settlement through a live transaction for a one-day maturity euro commercial paper worth €100,000 on the Corda platform.
The Dutch bank also completed a proof-of-concept back in February last year for a trade finance using the R3’s Blockchain technology, together with BNP and Commerzbank.
The R3 enterprise platform was launched last year after having been more than a year in development.
The Corda platform is an open-source based Blockchain with added features including a 24/7 support desk and a disaster recovery Blockchain firewall. More applications are also planned in the near future.
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