As the world keeps going forward with the integration of new technologies in our everyday lives, and developing new ones that are hoping to disrupt the way we do things today, a one technology that is definitely worth mentioning is the Internet Of Things.
In the crypto world we have an aspiring company and community that develops and supports this growing technology that is ought to change our lives in so many ways we cannot even imagine. The company is the well known to all IOTA.
As the development of their blockchain continues, all the crypto enthusiasts are always on a look out, waiting for news that will tell us that we are going the right path towards the bright future that we all hope for.
From the IOTA Foundation has been announced a new major partnership with Norway’s DNB (Den Norske Bank) which is the largest financial services group. A memorandum of understanding have been signed that will bring these two entities together and straighten their collaboration efforts.
The bank has been very interested in the application of the IOTA Tangle blockchain which is a third generation distribution ledger. The two parties will work together towards finding new business models that will integrate in their respective industries.
Over the recent months the DNB was looking into the blockchain technology so finding a partner in this field will bring more innovation and new use cases to the industry.
DNB’s Head of DLT Lasse Meholm the memorandum as stated:
“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 dive into the IOTA space.”
One of the IOTA’s founders, David Sonstebo, has said:
“I hope and believe it. The IOTA Foundation will contribute to separating useless crypto projects from the serious ones.”
Earlier this week IOTA had also partnered with the United Nations and Richard Soley. All of these events just confirmed the already established interest in the IOTA’s native Tangle blockchain technology. There is also a mystery behind a so called “Q” project that they plan to reveal in a very close future.
The IOTA’s community is thrilled with announcements like these and ofcourse they are of a big importance for the Foundation too. Investors are also hoping that this will boost the price of IOTA positively.
“This technology is designed to handle hundreds of thousands of micro transactions per second.” said Lasse Meholm. This will create a perfect ecosystem for the banks to operate in.
Norway is very tough when it comes to crypto exchanges. A crypto exchange from Norway called Bitmynt AS had already lost a case against Nordea Bank for closing its account. The closing was initiated under suspicion that Bitmynt AS had inadequate anti money laundering mechanisms.