ING Bank, a major Dutch International bank, has just announced that it has signed a five-year deal with R3. R3 is an enterprise blockchain consortium that holds a commercial blockchain platform. R3 released the news in a press release yesterday.

ING Bank Takes on Blockchain

R3’s commercial blockchain platform is called Corda Enterprise. This new five-year deal allows ING Bank a number of licenses for Corda and can roll out access to the platform.

Corda will be rolled out through ING Bank globally and seek to deploy production-ready CorDapps across various business areas. CorDapps are decentralized applications run on R3’s blockchain network. The apps cover a wide range of financial services such as capital markets, trade finance, insurance, and identity.

Annerie Vreugdenhil, ING Head of Innovation for wholesale banking, commented:

“Our longstanding joint journey with R3 has proven that this is the most mature enterprise DLT solution to serve the needs of the financial service industry. Strengthening our partnership, by signing this licencing agreement, marks a huge milestone towards empowering clients to transition to a distributed economy. We are one step closer to deploying live DLT solutions for our clients with the supported infrastructure in place.”