IOTA Announces Partnership With A Norwegian Bank
On 31st May, DNB and the IOTA Foundation (IOTA) signed a Memorandum of Understanding coming into effect immediately. The two parties will collaborate on exploring the new digital innovation landscape made possible by the IOTA Tangle technology.
The IOTA Tangle is the first open-source distributed ledger that is specifically being built to power the future of the Internet of Things (IoT) with feeless microtransactions and data integrity for connected devices and machines. Since November 2017, IOTA has been running the Data Marketplace initiative with the participation of many global industrial and IT companies such as Bosch and Fujitsu.
DNB, which has been exploring blockchain and distributed ledger technologies (DLT) via the R3 consortium, is now collaborating with IOTA Foundation to explore the IOTA Tangle, an open-source permissionless distributed ledger technology beyond Blockchain.
David Sønstebø, Founder of IOTA Foundation, said,
“Norway has always been a vanguard in adopting cutting-edge technological paradigm shifts that improve the efficiency of our society, I am very excited at the IOTA Foundation which is spearheading Distributed Ledger Technology and IoT payments working with Norway’s largest financial institution on carrying this tradition onwards.”
When asked about their partnership, Lasse Meholm, Head of Distributed Ledger Technology at DNB, said,
“As Internet of Things (IoT) and Machine to Machine (M2M) communication and payment for microservices seem to escalate in the future, we think engaging in a Distributed Ledger based technology like IOTA gives us valuable experience and know-how on future revenue streams and business models. We are looking forward to diving into the IOTA space.”
DNB is Norway’s largest financial services group and one of the largest in the Nordic region in terms of market capitalization. The Group offers a full range of financial services, including loans, savings, advisory services, insurance and pension products for retail and corporate customers. DNB’s bank branches in Norway include in-store postal and banking outlets, Post office counters, Internet banking, mobile services.
DNB is one of the world’s leading shipping banks and has a strong position in the energy sector, and the fisheries and seafood industry. Read more about the post here.