Swedish bank Skandinaviska Enskilda Banken (SEB) and French bank Crédit Agricole have announced a new project. Indeed, the two European banks are preparing to launch a new platform based on blockchain technology. This is the first use case of blockchain consensus known as “Proof-of-Climate”. The latter was developed by the French IT provider Finaxys. Discover the new project.
A sustainable platform for institutional clients!
Several projects are being implemented in France pending the decisive vote on the MiCA regulation. Among them is the digital bond platform that SEB and Crédit Agricole are developing. The new product aims to facilitate the issuance, trading and settlement of digital bonds for institutional clients. It should constitute a more effective and safer alternative to traditional methods.
The new platform will use a validation protocol that minimizes the environmental footprint. This is the “Proof of Climate awaReness” which allows low energy consumption, like systems without blockchain. The consensus in question encourages participating nodes to improve the environmental footprint of their infrastructures.
Moreover, Node compensation will vary depending on the level of climate impact. Indeed, the lower the environmental footprint for a node, the more likely it is to obtain a significant reward.
A project at the center of a broader societal plan
Romaric Rolleti, head of innovation and digital transformation at Crédit Agricole, made a statement regarding the new project. He has indicated that the launch of the new digital bond platform is part of a larger plan. Also, the latter aims the digital transformation of the banking system.
Rolleti explained: The innovative approach of the platform, both for the blockchain infrastructure and for the securities market, is associated with the strong commitment to green and sustainable finance which is at the center of our societal project. “.
Many efforts have been made in recent years to reduce the environmental footprint by using crypto technologies. Stakeholders explored the possibility of using, among other things, blockchain, smart contracts and the Internet of Things for this global cause. For example, in October 2022, two prototype tokenized green bonds were offered to consumers by leading institutions. This year, Hong Kong has taken it to the next level by launching the green bond project.
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