DNB ASA, the largest financial services group in Norway has partnered with IOTA to explore IOTA’s Tangle blockchain applications. In a blog post by IOTA’s Head of Business Development, Wilfried Pimenta, IOTA announced that it had signed a cooperation agreement to drive innovation in the machine economy as well as in decentralized data marketplaces.
Using IOTA For Smart Innovation
The DNB and the IOTA Foundation signed a Memorandum of Understanding which according to Pimenta will come into immediate effect. The collaboration will center on the exploration of a new digital innovation landscape enabled by IOTA’s Tangle technology. This is not DNB’s first foray into the blockchain industry as it has been a member of the enterprise blockchain consortium, R3 which boasts some of the biggest companies in the world as members. They include Amazon, Accenture, Everledger, Microsoft, Oracle and Thomson Reuters.
In joining IOTA’s ecosystem, DNB will participate in IOTA’s decentralized data marketplace and will participate in its innovation activities, Pimenta disclosed. The two companies will also work together with their stakeholders to develop new business models based on IOTA’s decentralized platform. IOTA’s privacy-centered platform was also a big factor in DNB’s decision, Pimenta also revealed. The need for privacy is made even more crucial by the recently implemented General Data Protection Regulation by the European Union.
The DNB is looking forward to the partnership as it will enable it to prepare for future revenue streams, the bank’s Head of Decentralized Ledger Technologies, Lasse Meholm stated. The bank recognizes that the Internet of Things and Machine to Machine micropayments are going to be the future of the financial services industry and the partnership with IOTA gives the bank valuable experience with which it can capitalize in future revenue streams.
The IOTA Foundation founder, David Sonstebo expressed his excitement at the partnership.
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.
IOTA has spearheaded the blockchain’s foray into machine-to-machine communication and the Internet of Things. IOTA’s data marketplace which was launched in November 2017 envisions a truly decentralized data marketplace. With data being referred to as the new oil, the marketplace is one that has attracted the interest of some of the biggest companies in the world. Some of the members of the data marketplace include Accenture, Bosch, Fujitsu, Orange, Agder Energi and FarmForce. IOTA’s digital token, MIOTA currently trades at $1.83 and is the ninth most valuable cryptocurrency by market capitalization.
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