ING, a large Dutch bank, entered into a five-year licensing agreement with blockchain consortium R3 for the right to apply the latter's commercial platform Corda to its business.
R3 announced in the press release that the agreement will grant ING an "unlimited number of licenses" to utilize the Corda platform. This means that ING can use the technology and distributed applications CorDapp in its overseas banking. In particular, CorDapp covers various areas of financial services, including trading, identification, insurance.
R3 CEO David Rutter stated in the press release of January 22:
"ING has been an enthusiastic adopter of blockchain technology and a valued long-term partner to R3."
He also added that the company will get full access to the commercial Corda solution, and "looks forward to seeing how the diverse CorDapp ecosystem can deliver gains in productivity, efficiency and profitability across the bank’s diverse business areas".
According to the ING Corporate Governance Innovation Policy, Anneri Vreugdenhil, the licensing agreement marks a “tremendous achievement” on the path to integrating bank customers into a distributed economy.
This move will help to secure the required infrastructure, so the bank will progress in approaching the target – implementation of distributed registry-based tools for its clients.
It should be mentioned that this is not the first collaboration of ING and R3. Last month, IGN and three more European banks negotiated a EUR 100,000 bill using the Corda blockchain platform.