Turkey's Isbank To Use Blockchain Technology

Turkey's Isbank To Use Blockchain Technology

One of Turkey's most established banks, Türkiye Iş Bankası, announced on March 30, 2020, that it is joining Blockchain platform R3. Işbank gained the distinction of being the first Turkish bank to join the R3 Blockchain Union by becoming a member of the Corda platform of the Blockchain platform R3. According to the official website, R3 works with over 300 participants from the public and private sectors. The Platform develops Blockchain software in the enterprise space, with partnerships on the Blockchain platform called Corda enabling its users to develop applications using Blockchain. Işbank Deputy General Manager Yalcin Sezen made the following statement:

"We see Blockchain technology as a new business model that will shape the future of the financial sector and banking due to its potential to improve security, speed, and operational efficiency. While Blockchain technology is not yet fully mature, I think that in the near future this technology will be widely used in very different streams in the banking sector. Using Blockchain technology, we have carried out many concept studies with Işbank and our financial subsidiaries within the group to date. In all our trials, we've also seen how important it is to work together with different stakeholders to produce successful outcomes in the blockchain field. We were included in the Blockchain Turkey platform, which was first created in order to contribute to the formation of the Blockchain ecosystem in Turkey. On the one hand, we made an active contribution to the banking and finance vertical work on the Blockchain Turkey platform, while on the other hand, we continued to closely examine the ongoing work in the international arena. We are very excited to join R3's Global Blockchain network, which is the Blockchain platform with the largest network of participants in the world. As a member of this platform, we will benefit from close scrutiny of more than 100 projects carried out on R3's Corda platform and from collaboration and exchange of ideas with more than 300 stakeholders in the R3 member network. We aim to be the leading bank in Turkey in this field with our acquisitions and services that we will develop as integrated into the blockchain infrastructure.''