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Commercial Bank, a private sector bank operating in Qatar, has joined the blockchain banking consortium led by enterprise software firm R3.
For the year ended 31 December 2018, Commercial Bank, along with its subsidiaries and associates, reported a net profit of QAR 1,663.2 million as compared to QAR 603.7 million for the same period in 2017, an increase of 175.5%.
According to a press release on Zawya, Commercial Bank has become the first bank in Qatar to join the consortium. As a member, the banks will join other consortium members to develop innovative applications and solutions on the Corda blockchain platform.
Robin Marshall, Chief Information Technology Officer at Commercial Bank, said that blockchain technology has the potential to make transactions between banks frictionless and secure. He added that there are other potentially huge benefits as well, which “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,” Marshall said.
“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.”
Since its inception in 2015, R3’s global network has grown to over 300 members comprising of leading financial services firms, technology companies, central banks, regulators, and trade associations. They would together on Corda – an enterprise-grade blockchain platform that removes costly friction in business transactions.
R3 has also launched Corda Enterprise, a commercial distribution of Corda specifically optimised to meet the demands of complex institutions
“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,” David E. Rutter, CEO of R3, said.
