ING Joins Stablecoin Development Project and Builds Privacy Upgrade Harnessing Blockchain

Diving into blockchain technology interest initially around 2014, ING now has its hand in several different blockchain plays.

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Over the past year or so, many mainstream players have shown interest in utilizing blockchain technology. Amsterdam-based ING, a huge player in the banking sector, is exploring numerous ways to harness the power of blockchain.

Jumping On The Blockchain Train Early

The cryptocurrency bitcoin is only about ten years old, so the usage of its underpinning technology, blockchain, is a fairly new theme for companies looking to innovate. ING has been exploring potential use cases around blockchain since approximately 2014, ING’s program director of distributed ledger technology (DLT) Mariana Gomez de la Villa told me in an interview.

In 2016, “We started actually deploying our first proof of concepts,” Gomez de la Villa said. She added, in 2017, ING began deploying a number of its pilot programs. ING initially had a staggering 44 proof of concepts, which it trimmed down to eight pilot programs, based on what provided “the most immediate value,” the program director explained.

ING jumped into the blockchain game early enough that, by now, in 2019, the technology is not so much new and innovative as it is a staple of ING. The company also has its own blockchain department. “At ING, blockchain is not seen as innovation or as a laboratory stage anymore, but it is more a formal department within the organization,” Gomez de la Villa said. “We strongly believe [in] obviously the potential of this technology, and as well, the efficiency benefits that it may bring in different value chains or in different ecosystems,” she explained.

Pressing Forward In 2019

ING has been active so far in 2019, pushing forward with its blockchain-based endeavors. The banking player is involved with other entities in building a type of digital asset stablecoin, an asset pegged to fiat currencies to improve aspects…

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