Nordea has joined a group of large banks that want to make the technology behind bitcoin to industry standards.
Nordea has joined the partner organization Distributed Ledger Group, DLG, who want to make the so-called block-chain technology to the industry standard. It is clear from a press release.
The goal is to, inter alia, to develop commercial applications for banks and financial companies, according to David Rutter whose startup R3 will lead cooperation.
Initially, there were nine banks participated in the cooperation, including Barclays and JP Morgan, but has since come to grow to 25 banks. Now part of Nordea together with others including Goldman Sachs, Citi and Deutsche Bank.
Block Chain can be seen as a decentralized ledger where all parties are involved and verifies all transactions that take place. Besides being used for the digital currency Bitcoin is more and more people become aware of the technology and believes that it can be used for all kinds of transactions.
The benefit of the block chain is that it does not require the party which verifies transactions. This means that transactions can be faster, cheaper and easier to implement in relation to today’s banking system.
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