This Thursday, DNB ASA, the largest financial services in Norway, announced a kind of partnership with the internet of things blockchain, IOTA (MIOTA). The announcement made on IOTA’s Medium blog page earlier on Thursday confirmed that the two companies signed a memorandum of understanding to drive open innovation and creativity. The two parties will collaborate on exploring the new digital innovation landscape made possible by the IOTA Tangle technology.
DNB ASA is one of the largest financial institutions in the Nordic region in terms of market cap. The company has a distributed ledger technology (DLT) department that deals with integrating blockchains. The company has been exploring blockchain and distributed ledger technologies (DLT) via the R3 consortium.
IOTA has been a champion in crypto-practicality and the overall adoption of blockchain to the real world situations. The platform is a permissionless blockchain that operates in an internet of things (IoT) network to provide cheap and fast transactions on the chain. The recent partnership with the UN through its Office for Project Services (UNOPS) to provide a secure and immutable ledger for data tracking boosted the reputation of IOTA, giving investors a sense of ‘green’ in the coming future.
“As 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 dive into the IOTA space”– Lasse Meholm, Head of DLT at DNB
The Nordic bank will join the IOTA Data Marketplace initiative. This initiative was created back in November 2017 to enable a truly decentralized data marketplace to open up the data silos that currently keep data limited to the control of a few entities. DNB ASA hopes to leverage the IOTA Tangle’s micro-transactions and feeless transactions for connected devices (things).
The partnership is aiming at improving the overall privacy and data management, create a DNB/IOTA cross silo Hackathon and co-create & explore new business models.
Trinity Mobile wallet
It has been a hub of activity in the IOTA development team with the release of the beta Trinity mobile wallet. The beta wallet went live this Wednesday offering users a chance to use the wallet to store IOTA. The project was initially a complete community driven project with built to provide the IOTA token holders with a safe and secure platform free from any threat of user errors as possible.
IOTA in May
As we enter the final third of Q2 2018, IOTA’s price has gained momentum crossing the $1.80 USD mark for the first time since it hit a monthly high of $2.66 USD on May 2. IOTA currently trades at $1.85 USD, representing roughly 10% increase in the last 24 hours. The coin is ranked 9th in the Coinmarketcap rankings with a total market capitalization of $5,143,409,607 USD, surpassing Tron (TRX) that launched its main net on Thursday 31 May.