The largest financial group of Norway DNB ASA starts cooperation with IOTA Foundation

The largest financial group of Norway DNB ASA (Den Norske Bank) and the IOTA Foundation has concluded
the partnership agreement provides for joint study of possibilities for the use of IOTA Tangle – distributed registry «third generation».

DNB ASA — Norway’s largest financial group and one of the largest in the Nordic region by market capitalization. DNB studies the technology of blockchain and the DLT in collaboration with a consortium of R3, has announced a partnership with IOTA Foundation for the study of technology IOTA Tangle.

IOTA Tangle is the first distributed registry with open source software, which is specially created to ensure the future of the Internet of things (IoT) using microtransactions. Since November 2017 IOTA initiative Data Marketplace with many global industrial and it companies, such as Bosch and Fujitsu.

According to the head of the DNB technology DLT Michalma Lasse (Lasse Meholm), DNB and IOTA will look for new business models in their fields. One of the goals of the project is to provide Bank employees who work with clients, the ability to develop new business processes:

«I am confident that, working with us provided technology-based distributed registry, we will gain valuable experience that will be able to use in future business models and cash flows. We look forward to the opportunity to take in space IOTA».

«In addition, this technology has been developed for every second of processing hundreds of thousands of microtransactions. We don’t want to miss the emerging market of relevance to the ecosystem that emerged around these transactions,» adds Maholm.

David Sonstebo (David Sonstebo), one of the founders of IOTA hopes that this cooperation will help Norwegian banks to soften their attitude to the cryptocurrency industry: «I really hope that the IOTA Foundation can contribute to the separation of cryptocurrency projects, and thereby eliminate unnecessary and useless.»

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