Are you aware that the innovation team tasked with the responsibility of developing and implementing ING’s blockchain technology spent the better part
Are you aware that the innovation team tasked with the responsibility of developing and implementing ING’s blockchain technology spent the better part of 2016 conducting experiments on blockchain technology? Are you also aware that in 2017, the team intends to concentrate on additional proofs of concept? This is according to information posted on the company’s website.
The senior program manager in-charge of ING’s blockchain, Ms. Mariana Gomes, as well as her blockchain innovation team based in Amsterdam, have embarked on the mission of establishing blockchain applications which contribute to the program’s financial institution network.
The 27 Proofs-of-Concept in 2016
According to Ms. Mariana Gomes, the year 2016 was mainly dedication to carrying out experiments, especially since the technology wasn’t specially developed for use in the financial sector.
The innovation team concentrated on twenty seven proofs-of-concept. They were in six main areas: working capital solutions & trade finance, lending, compliance & identity, payments, bank treasury as well as financial markets.
One of the applications used the technology in the KYC process. It’s important to note that the KYC process is usually expensive and also time consuming. ING worked in collaboration with several banks to prove that the KYC process can be simplified to enable clients provide identification documents only once, rather than every time a new account needs to be opened. This enhanced cost efficiencies, transparency as well as security.
Making the Oil Trade Digital
Recently, Easy TradING Connect, Societe Generale as well as Mercuria officially announced the first main oil trade that makes use of blockchain technology. According to financial technology experts, this is a major breakthrough in making the oil industry digital.
According to Ivar Wiersma, one of the experts, there’s need for more examples in 2017. Wiersma even made a comparison between the internet and blockchain. We all know how much the internet changed, and still continues to change the world.
There’s more to come in 2017
Ivar Wiersma hopes that the innovation team tasked with the responsibility of developing ING’s blockchain technology will concentrate on at least six use-cases this year (2017).
ING intends to introduce additional tests as well as pilot runs that are exciting to clients. Even though a few of them will be home-runs, they’ll be stepping stones to demonstrate great possibilities.
According to Ms. Mariana Gomes, every solution ought to comply with important areas like: privacy & confidentiality, scalability, the legal & regulatory framework as well as performance, among others. However, blockchain technology will only become part and parcel of daily routines at the bank after some time.
The innovation team regularly hosts workshops with stakeholders such as colleagues and business partners. For instance, they recently hosted the European Parliament and commissioners from the European Union.
The innovation team shares important ideas with customers in areas that can add value to blockchain technology, like utility companies, providers of payment services as well as notaries.