DNB & IOTA Are Cooperating To Explore A Distributed Ledger Technology

As pet the information the two parties will work together to consider renewed industry samples across their respective industries. Head of DLT at DNB Lasse Meholm said that one objective of the project is better understand the technology and to let those at the bank who work with clients find opportunities for new use cases.

According to a press release on May 31 Norway’s largest financial services group DNB ASA (Den Norske Bank) and the IOTA Foundation (IOTA) have signed a memorandum of understanding (MOU). DNB and IOTA will now cooperate to explore distributed ledger technology (DLT).

As pet the information the two parties will work together to consider renewed industry samples across their respective industries. Head of DLT at DNB Lasse Meholm mentioned that one of the objectives of the venture is to better comprehend the innovation and permit the individuals who work with clients to discover open doors for new utilize cases.  Meholm added:

“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.” 

DNB ASA, Norway’s major bank and one of the biggest in the Nordic countries in terms of market capitalisation, had beforehand been investigating blockchain technology through the R3 start-up. As per local news E24, DNB also has number of continuing projects with different technologies including Ethereum, Hyperledger, and EOS.

Financial institutions all over the world are exploring use cases of blockchain technology. Canada’s central bank, Toronto Stock Exchange operator TMX Group, and non-profit organization Payments Canada, recently showed during their studies that blockchain technology is effective for immediate securities settlements.