Largest Bank Of Norway To Research Applications For Distributed Ledger Technology Of IOTA

1 year ago

As per a public statement, largest financial services firm of Norway, DNB ASA (Den Norske Bank) and the IOTA Foundation (IOTA) signed a memorandum of understanding (MOU). DNB and IOTA will now coordinate to investigate utilisations of the third generation distributed ledger (DLT), IOTA Tangle.

As indicated by the official statement, the two firms will operate together to discover new business models over their particular ventures. Lasse Meholm, Head of DLT at DNB, said that one objective of the undertaking is to properly know about the technology and to let those at the bank who work with customers discover possibilities for new use cases. Meholm stated:

“Among other things, the technology is designed to handle hundreds of thousands of microtransactions per second. We will not let go of the market associated with this ecosystem that arises around these transactions.”

David Sønstebø, one of the founder’s of IOTA, said that he expects this could ease the relationship Norwegian banks have on the  digital currency space. He said:

“I hope and believe it. The IOTA Foundation will contribute to separating useless crypto-projects from the serious ones.”

Prior this month, a digital currency exchange of Norway lost its body of evidence against Nordea Bank for shutting down its account. Nordea at first shut down the account of Bitmynt AS due to worries of insufficient anti-money laundering frameworks.

Biggest bank of Norway and one of the largest in the Nordic nations in regards to market capitalisation ($238 billion), DNB ASA, had been been investigating blockchain technology through the R3 consortium. As indicated by the local news E24, DNB is currently working on projects with different technologies incorporating EOS, Ethereum and Hyperledger.

Financial establishments around the globe are researching use cases of blockchain technology. Canada’s national bank, Toronto Stock Exchange operator TMX Group and non profit association Payments Canada, as of late finished tests demonstrating that blockchain technology is viable for momentary securities settlements.

Prior this month, JP Morgan Chase and Co. recorded a patent for blockchain based peer to peer payments between banks. JP Morgan’s patent application proposes utilising a distributed ledger to proceed with payments, without relying on a trusted outsider to hold the genuine copy of the audit series.

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