ING has realised the potential of the blockchain technology at an early stage and began to explore its practical applications immediately. The R3 Consortium, which is a collaboration of the leading global financial institutes, also concentrates on achieving these targets. ING has been a member of the R3 Consortium since its foundation back in 2005. The R3 group focuses on the development of the ledger technology, a decentralized and distributed ledger technology for electronic payments and transactions. We will share the benefits of our investment in this project with our clients.
We intend to simplify business processes as much as possible through small but continuous improvements of our services, but also through radical steps such as our collaboration with the R3 Consortium. We are fully convinced that the blockchain technology has the potential to revolutionize traditional business models.
ING as a pioneer
In 2015 the consortium consisted of 30 financial institutes and has since increased to 80 collaborate partners on a global scale; and there is no end in sight for the continued growth of memberships. The team of experts focusses on the analyses of regulatory and legal implications of the blockchain technology, and on the development of prototypes for financial markets, i.e. for interest rate swaps and commercial papers. The intention of the R3 members is not only to support the group financially, but to actively collaborate in the innovation process for new technological solutions that will be a crucial part of the next generation of infrastructure for the financial industry.
Focus on the future
The R3 Collaboration together with other leading financial institute is a major project for us, in order to take advantage of these new technologies and turning them into innovations. We consider ourselves as early adopters and pioneers of technological innovations. We want to deliver first class services to our customers. In order to achieve this target, we will continue focusing on our vision and investing in technologies with good prospects.
future of trade?
Today, blockchain is considered the “next big thing”. What about tomorrow? Will this new technology have an impact on trade? Whatever happens, this trend will almost certainly lead to a new way of working. ING is positioned at the leading edge with the distributed ledger platform “Marco Polo”.
What does the development of digital currencies and transactions herald for financial institutions like ING? And how can it change the manner in which we do business? ING investigates whether blockchain, the technology behind the bitcoin for example, can be used for the settlement of complex transactions.
How Blockchain technology can be reasonably applied
When an internet-based currency called Bitcoin emerged a few years ago, the idea of virtual money mostly triggered skepticism. However, the underlying technology, called Blockchain, may potentially change the world of banks and corporates altogether. We will demonstrate how the technology of tomorrow can be used in a productive way.