Not all businesses can realise the full potential of blockchain because of technical constraints like their existing IT systems and complex infrastructures, as well as issues around privacy, scalability and interoperability between systems.
ING teamed up with long-standing partner software firm R3, to fix this.
We worked with R3 to develop Corda Enterprise, a commercial version of R3’s existing blockchain platform, which aims to help a wider range of businesses use blockchain in their sector. It has a blockchain application firewall - the world’s first - that makes it safe for companies to use the technology inside their corporate data centres without comprising their data security. This unlocks new opportunities for companies to disrupt and transform the industries in which they operate.
“This is a massive step towards unlocking the full potential of distributed ledger technology,” said head of Innovation at ING Wholesale Banking Ivar Wiersma.
“We can now deliver the security, privacy and reliability features that customers and regulators expect from financial institutions,” he added.
According to R3 CTO Richard Gendal Brown, on traditional blockchain platforms “all data is shared with all parties”, which creates privacy issues. This, together with the technical constraints faced by larger businesses, are two of the reasons why some companies choose to stay away from running blockchain platforms.
“Corda Enterprise fine-tunes Corda for these firms so that they can adopt blockchain technology in a way that is straightforward and natural. The launch of the platform is a watershed moment for business blockchain technology,” said Gendal.