DNB is no more bizarre to the universe of decentralized record innovation. Before banding together with IOTA, the bank beforehand occupied various communitarian endeavors with a large number of blockchain-based firms including R3, Hyperledger, EOS, and Ethereum. Talking on the MoU (Memorandum of Understanding) with IOTA, Lasse Meholm, the Head of the DLT division at the bank, stated:
“As the Internet of Things (IoT) and Machine to Machine (M2M) communication and payment for micro-services 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”.
Particle and DNB intend to work firmly together, creating valuable arrangements in light of Tangle innovation executions. As a major aspect of the MoU, the two accomplices will work pair with imperative partners in their particular ecosystems. The association has three basic concentration territories: the definition of new business models, information protection administration frameworks, and collective cross-storehouse hackathons. Remarking on the MoU with DNB, the IOTA establishment originator, David Sønstebø expressed:
“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”.
Particle centers around decentralized execution’s custom-made towards the completion of the Internet of Things by means of its Tangle innovation.
This IOTA – DNB organization comes immovably on the foot sole areas of IOTA’s association with the United Nations on May 22. The joint venture amongst IOTA and the UN is relied upon to enhance the last’s productivity and straightforwardness. The concentration territories of the cooperation are on the viable administration and following of inventory network exercises and UN reports. In late 2017, the Bosch gather also put resources into IOTA.