R3 published a press release today stating that ING Bank and R3 had signed an agreement to deploy R3’s enterprise blockchain technology, Corda. The licensing deal is slated to be for 5 years, and comes with unlimited license seats. The licenses enable ING Bank to deploy and use CorDapps, applications built with the Corda Enterprise blockchain.
CorDapps in production on Corda Enterprise cover a wide range of financial services activity including trade finance, identity, insurance and capital markets. Through this deal, ING will be able to adopt CorDapps across business areas within ING, enabling the wider adoption of Corda Enterprise.
Corda Enterprise is a commercial distribution of Corda, R3’s open source blockchain platform, designed specifically to meet the demands of modern-day businesses. Leveraging the unique features of Corda—privacy, consensus, interoperability, ease-of-integration—Corda Enterprise offers additional features targeted at the needs of large and complex organisations, such as the world’s only Blockchain Application Firewall, 24/7 support, dedicated product management and support for industry-standard enterprise databases.R3 Press Release
For ING Bank, deciding on a distributed ledger technology (DLT) has not been easy. With a plethor of DLT products available targeting the enterprise, ING chose to partner with R3 due to their product maturity:
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 licencing 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.Annerie Vreugdenhil, Head of Innovation for wholesale banking at ING
ING Bank are not the first to dabble in DLT; they join the likes of HSBC, Ford Motors and other international organisations who have recently signed deals to explore and expand their DLT capabilities.
As real-world applications are better defined, tested, evolved and ultimately adopted, could blockchain technology finally be breaking ground in the banking sector?