The Amsterdam-based multinational bank ING has reportedly inked a 5 year deal with the global Blockchain consortium R3. The deal will give ING Bank access to R3’s Enterprise Blockchain platform.
The agreement allows ING Bank to acquire unlimited licenses for the open source Blockchain platform called Corda Enterprise which is developed by R3.
The deal is an effort by ING Bank to deploy Corda Enterprises’s decentralized applications or CorDapps across its business operations in different parts of the world.
CorDapps is a set of Blockchain Technology-based applications that can be deployed in identity management, capital markets, insurance, as well as trade finance.
The Head of Innovation at ING Bank, Annerie Vreugdenhi explained about the partnership with R3 saying that it will allow the multinational bank to transition to a distributed economy. Vreugdenhi said,
“Our longstanding joint journey with R3 has proven that this is the most mature enterprise (distributed ledger technology) 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.”
The Chief Executive Officer at R3, David E.Ruute also made some comments on the deal with ING Bank. He said,
“ING has been an enthusiastic adopter of blockchain technology and a valued long-term partner to 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 first live securities lending transaction on blockchain through HQLAx. As ING takes full advantage of access to Corda Enterprise, we look forward to seeing how the diverse.”
ING Bank is currently a part of Komgo (an enterprise Blockchain solution for trade financing) with a representative from the Dutch bank chairing Komgo. Just last week, it was announced that the ING Bank is the founding member of the MineHub platform. MineHub is built on the IBM Blockchain and it aims to leverage Blockchain Technology in the mineral concentrates supply chain to reduce costs, and enhance operations, financing as well as logistics.