Dutch multinational bank, ING has signed a five-year licensing contract with New York-based enterprise blockchain consortium R3, wherein the former will get access to the latter’s commercial blockchain platform Corda.
As per the agreement, the Dutch banking giant will acquire unlimited licenses for the R3's Corda Enterprise platform. The bank aims to use Corda’s decentralized applications (CorDapps) across its global business infrastructure. CorDapps provides a variety of financial services related to banking activities that involve trade finance, insurance, identity, and capital markets.
A long-time partner of R3, ING has been experimenting the blockchain technology for some time now. Earlier in Nov 2018 ING participated in the first live trade of the Voltron trade project powered by Corda, and it also did the first live transaction in securities on the Corda Enterprise platform in March 2018.
ING with many with other multinational banks, successfully completed a live commercial paper transaction in the same year, set-upon the Corda tool dubbed Euro Debt Solution.
Annerie Vreugdenhil, Head of Innovation for wholesale banking at ING, says:
"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 supported infrastructure in place."
To learn more, you can visit the official press release here.
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