Nordea, OP develop Finnish blockchain platform for unlisted shares

Friday 23 November 2018 10:29 CET | News

Finland-based banks Nordea and OP Financial have announced running a Proof of Concept (PoC) for trading unlisted company shares.

The trade blockchain platform aims to digitalise the shareholder register and tokenize shares thereby enabling share issues and secondary market trading. The organisations involved are Asiakastieto, banks Nordea and OP Financial, as well as Privanet Securities, and technology company Tieto.

The development included input from the Finnish Patent and Registration Office which runs the public register of Finnish companies. Additionally, the Finnish Tax Administration provided advice.

The platform will use the digital identity system Hyperledger Indy to provide an identity for every company. The main distributed ledger technology is R3’s Corda. Both Nordea and OP Financial are R3 shareholders. Each of them are also involved in blockchain trade finance consortia. Nordea is part of and OP Financial is part of Marco Polo.

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Keywords: Nordea, OP Financial, Product Development, platform launch, unlisted company shares, trade finance,, Marco Polo consortium, trade finance consortium, PoC, Finnish Tax Administration, Finnish Patent and Registration Office
Countries: World