IOTA Ledger Apps used by Norway’s Bank

A memorandum of understanding (MOU) have been sighed by DNB ASA (Den Norske Bank), Norway’s largest financial group, and the IOTA Foundation (IOTA)
01 June 2018   1328

DNB and IOTA will collaborate to explore applications of the IOTA Tangle, a “third-generation” distributed ledger (DLT). The 2 parties will be partnering to find new business models relatively to their respective industries. The head of DLT at DNB, Lasse Meholm, declared that one goal of the project is better understand the technology and to let those at the bank who work with customers find opportunities for new use cases. 

Among other things, the technology is designed to handle hundreds of thousands of microtransactions per second. We will not let go of the market associated with this ecosystem that arises around these transactions.
Lasse Meholm
Head, DLT at DNB

The representative of IOTA, one of the founders, David Sønstebø, reported that he believes this could soften the relationship Norwegian banks have on the crypto industry.

I hope and believe it. The IOTA Foundation will contribute to separating useless crypto-projects from the serious ones.
David Sønstebø
Founder, IOTA

DNB ASA, Norway’s largest bank and one of the biggest in the Nordic countries had previously been studying blockchain technology through the R3 consortium. As reported by local news E24, DNB also has several ongoing projects with different technologies including Ethereum, Hyperledger, and EOS.

Blockchain technology is being used by the financial institutions around the world.   For instance, Canada’s central bank, Toronto Stock Exchange operator TMX Group, and non-profit organization Payments Canada, recently finished tests showing that blockchain technology is efficient for instantaneous securities settlements.

Ledger Team to Find Issue in New Nano S Software

Last update's security improvements have affected the amount of device memory
15 February 2019   114

Ledger hardware wallet developers stated that an unforeseen problem was found in software version 1.5.5 for the Nano S model. Improvements in the security context have affected the amount of device memory.

When planning for this update we didn’t anticipate the impact it would have on Ledger Nano S capacity. This was not planned obsolescence, simply put, we messed up. We apologize and we’re committed to making it right.

Ledger Team

The project team apologized for the incident and promised to fix the problem during the second quarter of 2019.

The project also announced the addition of Nano S support in the Ledger Live mobile app on Android.

Earlier, researchers at discovered a number of vulnerabilities in the Trezor and Ledger hardware cryptocurrency wallets. As a result, they were able to conduct a series of successful attacks on wallets during the Chaos Communication Congress in Leipzig.