Nordic industry players leverage blockchain to build business network

Tuesday 15 May 2018 00:46 CET | News

Asiakastieto, Nordea, Tieto, OP together with public authorities have developed a blockchain-based business network that enables establishing limited liability for companies fully digitally.

The newly-developed blockchain-based business network is a pilot project but further development is planned in an even wider-ranging collaboration between Finnish industry players. Asiakastieto Group, a Finnish provider of data services, Nordic financial institutions Nordea and OP Group, and Nordic IT services and software company Tieto carried out all the development work in Finland.

The project also included experts from the Finnish Tax Administration and the Finnish Patent and Registration Office. During the past couple of years, blockchain-based decentralised platforms have become much more common, which gives the opportunity to establish new types of business and trust networks across multiple actors. Blockchains also enable creating a fully digital identity for new companies and updating it in real-time.

Moreover, blockchain tech enables information about a company’s founders and representatives to be updated and made available to every party in the network in real-time. In this process, a digital identity is also created for the first time for limited liability companies. This enables the company to be reliably identified and allows the company to fully operate by sharing online verifiable information about itself.

While the network platform is developed in collaboration between Finnish industry players, it could also be used globally. The technology solutions are not geographically limited. The platform is based on open source Corda and Hyperledger Indy blockchain technologies.

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Keywords: Asiakastieto, Nordea, Tieto, OP, blockchain, DLT, Corda, Hyperledger Indy, blockchain technologies
Countries: World