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ING Bank In Deal For Corda Enterprise Blockchain Adoption

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Dutch bank ING signed a five-year deal with New York-based blockchain consortium R3 for an unlimited number of Corda Enterprise licenses to encourage adoption of Corda blockchain applications, known as CorDapps, across wide range of its business functions.

The deal with R3 will allow ING to roll out access to Corda Enterprise throughout the bank globally and deploy production-ready CorDapps across a wide range of business areas.

CorDapps, in production on Corda Enterprise, cover a wide range of financial services activity including trade finance, identity, insurance and capital markets.

ING has already built a large team exploring the benefits of technologies including blockchain, artificial intelligence, and the Internet of Things.

HSBC and ING conducted their first live, commercial trade finance transaction on blockchain for agrifood trading giant Cargill. The letter of credit was completed for a cargo of soybeans exported from Argentina to Malaysia, enabling transaction time to be reduced from a standard five to 10 days, to 24 hours.

ING was also one of the participants in the first live securities lending transaction on blockchain through financial technology firm HQLAx. In early March, HQLAx, together with Credit Suisse and ING, completed the first live securities lending transaction settlement using the Corda blockchain platform.

Recently, R3 announced that the Corda Network, the underlying, open shared blockchain network linking participants using Corda, will be operated and managed by a new independent not-for-profit organisation, the Corda Network Foundation.

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