Commercial Bank has become the first bank in Qatar to join enterprise software firm R3’s collaborative initiative to develop innovative applications and solutions on its Corda blockchain platform.
The Bank joins R3’s global network of more than 300 of the world’s largest financial services firms, technology companies, central banks, regulators, and trade associations working together on Corda – an enterprise-grade blockchain platform that removes costly friction in business transactions.
Through Corda, institutions can transact directly using smart contracts while ensuring the highest levels of privacy and security.
Commercial Bank’s membership of R3 is further evidence of its commitment to apply the latest technologies to improve services for customers and to drive operational efficiencies. It also demonstrates the Bank’s readiness to collaborate with other organisations in the financial services industry to find new ways that blockchain technology can be used.
Robin Marshall, Chief Information Technology Officer at Commercial Bank, said: “We already know that blockchain technology has the potential to make transactions between banks frictionless and secure, but there are potentially other, huge benefits of this technology that we are not even aware of.
“To find out the full potential of blockchain and to use it in day-to-day operations, financial services institutions must work together collaboratively and that is why we have joined R3. Our aim through this partnership is to find new ways to use blockchain technology that will improve the services we offer to our customers at Commercial Bank. Today, people want banking to be fast, convenient, and seamless and that is what we strive to offer.”
David E. Rutter, CEO of R3, said: “R3 has built a global ecosystem of firms, financial institutions and regulators to unlock the potential in blockchain technology for enterprise. We’ve come a long way in a short space of time, but we are still only scratching the surface of what blockchain can deliver for firms. Welcoming Commercial Bank as a partner is a great opportunity to fresh perspectives. We look forward to sharing expertise and input with Commercial Bank in future projects as we continue to explore the potential of the Corda platform.”
R3 recently launched Corda Enterprise, a commercial distribution of Corda specifically optimised to meet the demands of complex institutions Corda and Corda Enterprise are the foundation of a vibrant ecosystem of interoperable applications. These apps are built by R3’s partners, harnessing the power of blockchain to overcome the specific challenges faced by their customers.
Source: Company Press Release