
European Traditional Finance Banks Join Forces for Blockchain-Based Digital Bonds Trading Platform
Apr 4, 2023
By Fredrik Vold | @fredrik-vold
Major European banks SEB and Crédit Agricole have launched: so | bond, a new blockchain-based platform for issuing digital bonds in the traditional financial sector.
The new platform, said to be a “sustainable and open” blockchain, aims to improve efficiency and enable real-time data synchronization across participants, a joint announcement from the two banks on Monday said.
Instead of relying on traditional consensus mechanisms like Proof-of-Stake (PoS) or Proof-of-Work (PoW), the new platform uses a validation method the banks have called “Proof of Climate awaReness.”
According to the banks, the method will incentivize participants to minimize their so-called climate footprint, but it remains unknown how secure or decentralized it is.
The so | bond platform enables 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.
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