Norway’s largest bank uses technology …
Norway’s Largest Bank Launches IOTA Foundation Technology
Norway’s largest financial group DNB ASA (Den Norske Bank) and the IOTA Foundation have signed a protocol of understanding, according to a press release on May 31. The organizations will jointly explore the possibilities of using the IOTA Tangle – the “third generation” distributed ledger.
DNB and IOTA will seek new business models in their respective areas. According to Lasse Micholm, head of DNB’s distributed ledger department, one of the goals of the project is to explore technology and empower bank employees who work with clients to develop new business processes..
“This technology, among other things, was developed to process hundreds of thousands of microtransactions every second. We do not want to miss out on a market related to the ecosystem that has emerged around these transactions, ”adds Mikholm.
IOTA co-founder David Sonstebo hopes that the collaboration will help soften the attitude of Norwegian banks towards the crypto industry: “I hope and believe so. The IOTA Foundation will contribute to the separation of worthless and really serious crypto projects “.
In early May, the Norwegian crypto exchange Bitmynt AS lost a lawsuit against Nordea Bank. The bank closed the exchange’s account over concerns that it was using inappropriate mechanisms to combat money laundering.
One of the largest Scandinavian banks and the largest Norwegian bank, DNB ASA, has previously undertaken the study of blockchain technology through cooperation with the R3 consortium. DNB is also involved in several blockchain projects involving Ethereum, Hyperledger and EOS, according to local E24..
Financial institutions around the world are trying to find a use for blockchain. For example, the central bank of Canada, the Toronto Stock Exchange operator TMX Group and the non-profit organization Payments Canada recently conducted several tests that showed that the technology is effective for performing instant settlement of securities..
In early May, financial holding JP Morgan Chase & Co has filed a patent application for a peer-to-peer blockchain network for interbank payments. The holding’s application describes the use of a distributed ledger to process payments in real time – without the need to rely on trusted third parties to keep a verified “golden copy” of the audit report.
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