The multi-national Dutch banking giant ING has signed a five-year agreement with a blockchain service company to implement mixed-book technology distributed across a range of business areas
ING will join forces with R3 to obtain an unlimited number of licenses for commercial blockchain platforms (read: private authorized) of the Corda Enterprise platform and CorDapps.
In particular, the way ING will use these licenses remains unclear, but it seems that the bank is willing to develop solutions that can be used in the near future.
"We are one step ahead of implementing live DLT solutions for our customers with the supported infrastructure in place," said the head of innovation for the wholesale banking sector at ING , Annerie Vreugdenhil.
This is not the first time that ING and R3 have worked together. In 2017, ING and 12 other banks collaborated with R3 on a platform called TradeIX, designed to optimize commercial financing. Ironically, he used a distributed ledger to centralize trading documents in one place so that more parties could see them all at the same time.
Perhaps the important thing to note is that R3 Corda creates distributed private registers, rather than "real", public blockchains without authorization.
While the news on the adoption of blockchain technologies by companies could be good news for some, it is totally contrary to the reason why the blockchain was created. It was assumed that Blockchain was a platform on which we usurped the banks, it was not supposed to help them streamline their processes.
It's almost as if the banks were using the enemy's weapons.
Published 22nd January 2019 – 2.49 pm UTC