Ing concluded a deal about unlimited use of the R3 Corda platform

The Dutch financial conglomerate ING Group signed a contract with the R3 Consortium on the provision of the rights of unlimited use of the CORDA platform for five years.

On Tuesday, R3 reported that it would provide one of the world’s largest financial groups to all access to all resources and ready-made decentralized applications. As part of its international activities, the Bank will be able to use blockchain to deploy the necessary solutions.

In addition to the basic distributed registry, Corda Enterprise offers various options for financial services, including trade financing, identification, insurance and capital markets. According to R3 leadership, the use of a full package will help ing increase efficiency, productivity and profitability of various activities of the company. Cooperation will also allow clients of the Group’s financial institutions to gain access to decentralized products.

Previously, Conglomerate has already tested Corda products. In December, together with several banks, a real translation of € 100 thousand was performed with a day repayment period, and in February 2018 ING checked the trade financing model based on the platform.

The blockchain is increasingly used in the banking sector. Recently, the Tokyo Crypto Garage company received permission to test