23 May 2017
Danske Bank increases its investment in blockchain to aid the technology towards commercialisation. The first solutions are pending.
Danske Bank sees substantial business potential in blockchain and has decided to step up its investments in developing the technology further. This to help mature the technology towards initial commercialisation and meet expected future customer demand.
Danske Bank’s added investment will be injected into the R3 consortium, which spans engagement from more than 80 leading banks and financial services providers across the globe. Application of blockchain rests on industrywide support and standards, which is why the consortium has been formed to drive the development further. Following the capital injection, Danske Bank will now become one of the owners of the consortium.
Lars Sjögren, Global Head of Transaction Banking, Danske Bank, says
"We are extremely engaged in identifying how we may apply new technology to improve the customer experience further. We see great opportunities that we, with blockchain, may offer new products whilst also improving and streamlining existing solutions. This is why we have a close dialogue with our customers about blockchain, just as we now become one of the owners of R3."
Since its on-boarding as a member to the consortium in late 2015, Danske Bank has been testing a number of user cases with other R3 members through an open-source distributed ledger platform, specifically for wholesale financial markets. Results are encouraging which is why R3 now looks towards the first initial commercial deployments. Besides its involvement in R3, Danske Bank has also conducted some user tests on its own.