Commercial Bank is a very well known and trusted bank from Doha Qatar. It was founded in 1975 and is a private bank. Now, this bank has decided to cross on a significant milestone in its journey by becoming the first bank in Qatar to join hands with one blockchain based enterprise software firm. The name of this firm is R3 which is based in NYC and was founded in 2014. R3 is coming up with a collaborative venture to boost the development of innovative apps and software/solutions on its Corda (which is a distributed ledger blockchain platform).
Corda is built to get rid off costly friction in transactions. Using this platform, institutions can transact directly through smart contracts without compromising on privacy and security.
R3 has over 300 ventures connected to its Corda blockchain platform which come from across the world. These are the biggest names from the sectors like technology firms, financial services providers, trade associations, and central banks & regulators. All these connections work collaboratively on Corda.
This step taken by one private bank from a country like Qatar shows that both the country and the bank is not shying away from integrating the best and real-time technologies with their operations. The bank is willing to improve its customer service experience and the efficiency of operations. The collaboration with another organization from the financial services sector is done to find different ways of using blockchain.
Chief IT Officer at Commercial Bank, Robin Marshall, stated, that the bank has taken this step as it is already very well aware of the potential and importance of blockchain to the bank in order to make banking and business transactions between banks smooth and secure. But blockchain can be used in many other ways the bank is not aware of and is interested in finding out.
He further said,
“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.”
CEO of R3 David E Rutter expressed his thoughts saying that his company (R3) has developed a global ecosystem which includes business firms, financial services providers and regulators. This is done to find out and implement the core qualities of blockchain technology. He said that the company had come a long way in a very short period of time. But, the company and its officials are aware that this is just a beginning, and they have a long way to go.
Including Commercial Bank as a partner would provide the company and the overall R3 ecosystem with fresh and new perspectives. The company is looking forward to work with Commercial Bank and use the full potential of the Corda.