Dutch financial conglomerate ING Group has signed a contract with the R3 blockchain consortium to provide the rights of unlimited use of the Corda platform for five years.
On Tuesday, R3 announced that it will provide one of the world’s largest financial groups with full access to all resources and ready-made decentralized applications. As part of its international activities, the bank will be able to use the blockchain to deploy the necessary solutions.
In addition to the basic distributed ledger, Corda Enterprise offers a variety of financial services options including trade finance, identity, insurance, and capital markets. Leveraging the complete package will help ING improve efficiency, productivity and profitability across the company’s diverse businesses, according to R3’s management. The collaboration will also enable clients of the group’s financial institutions to access decentralized products..
The conglomerate has previously tested Corda products. In December, together with several banks, a real transfer was made €100k with a one-day maturity, and in February 2018 ING tested a trade finance model based on the platform.
What is Trade Finance?
Blockchain is increasingly being used in the banking sector. Crypto Garage Recently Received Permission To Test Yen-Pegged Stablecoin.
text: Ivan Malichenko, photo: cdnuploads.aa, s.yimg