European banks team up to launch revolutionary blockchain platform – Cryptopolitan

Europe’s banking industry has taken a major step forward with the launch of a groundbreaking new blockchain platform for digital bonds. The platform, called “so|bond,” is a joint project of Skandinaviska Enskilda Banken (SEB) and Credit Agricole Bank from Sweden and France, respectively.

It enables institutional clients to issue, trade, and settle bonds digitally, providing a more efficient and secure process than traditional methods.

The platform also uses a validation protocol, “Proof of Climate awaReness,” which is aimed at minimizing the environmental footprint of blockchain networks.

This protocol enables an energy consumption comparable to non-blockchain systems and incentivizes participating nodes to improve the environmental footprint of their infrastructures.

Each node will be remunerated according to a formula linked to its climate impact: the lower the environmental footprint, the larger the reward. So|bond would become the first use case for the protocol developed by the French-based IT provider Finaxys.

The launch of the so|bond platform is a key achievement for the European banking industry, which has been exploring the use of blockchain, smart contracts, and the Internet of Things for global environmental causes.

The platform is sustainable and open, enabling issuers to raise capital and manage securities through smart contracts, which automatically execute, control, or document events and actions according to the terms of the contract.

A new era in sustainable finance for Europe

Blockchain technology has the potential to modernize and digitalize the banking and financial services sectors through decentralized and efficient infrastructure.

The so|bond platform will enable issuers to raise capital and manage securities through smart contracts, programs that automatically execute, control, or document events and actions according to the terms of the contract.

The platform’s open, transparent, and secure model also fosters trust between market participants and allows further innovations such as using a future central bank digital currency.

This new blockchain platform is a significant development in sustainable finance, an area where Europe has been leading the way. The use of blockchain technology to promote sustainable and eco-friendly practices is an innovative approach that could have far-reaching implications for the future of finance.

Proof of climate awareness

One of the main barriers to the widespread adoption of blockchain technology is that it is often considered a high-energy-consuming solution.

Although “Proof of Stake” protocols use significantly less energy than those that use “Proof of Work,” there is still scope for further improvement.

The so|bond platform is built on a new type of blockchain validation logic, the Proof of Climate awaReness protocol. It enables an energy consumption comparable to non-blockchain systems and incentivizes participating nodes to continually improve the environmental footprint of their infrastructures.

The platform and the blockchain technology were developed in collaboration with the IT provider Finaxys. The environmental footprint is measured according to a methodology developed by APL Data Center and applied by SGS, a world-leading certification expert.

So|bond is the first use case of this new blockchain technology operating under the Proof of Climate awaReness protocol in global capital markets.

Europe’s banking industry has long been a driving force behind sustainable finance, and the launch of the so|bond platform marks a significant milestone in this area.