Deutsche Bank is apparently looking into possible use cases for IOTA. This is the result of a comment by a top manager of Deutsche Bank in a discussion on how, for example, the automotive industry should prepare for the Internet of Things (IOT).
IOTA is being closely examined by Deutsche Bank to determine whether the network and crypto currency are suitable for use in industry. This can be read in a commentary by Stefan Hoops, who heads the corporate division at Deutsche Bank. One is up-to-date busy to “evaluate” (assessing) IOTA, wrote Hoops on a discussion led with LinkedIn. The discussion was initiated by Frank Schwab, a board member of Gulf International Bank and co-founder of the FinTech Forum. Schwab promoted the Berlin-based project under the title “IOTA” as promising solutions in the areas of M2M (machine to machine) and IoT (Internet of Things).
Wolfgang Wössner, Professor for Banking and Digital Finance, was the first to speak. Wössner described how German industry is often the world market leader. In order to maintain this position, it is necessary to get involved in the topic of automated payments and M2M communication from the very beginning. A common standard is desirable and IOTA is the ideal partner for this. Wössner mentioned the self-paying car at the gas station as an example of practical applications of IoT with payment function. Another example would be future self-paying cars, which could earn money as chauffeur cars à la Uber in the time when the users do not need them.
Hoops from Deutsche Bank took this scenario as an opportunity to thank Deutsche Bank for the food for thought and to say that the financial institution is already working on IOTA. Schwab, on the other hand, considered this so important that he immediately spread the news on Twitter. Deutsche Bank had already praised IOTA in a report at the end of December 2017 as a project that solved block chain problems of scalability and fees.
Conclusion: IOTA is pleased about the interest of Deutsche Bank
It’s just one sentence, but for IOTA the concise commentary by top manager Hoops has generated a lot of echo in the crypto scene. If the most important German financial institution seriously deals with IOTA and perhaps even promotes it as an industry standard to its customers in the future, that is good news. However, such a deal is by no means in dry cloths, Deutsche Bank is also involved in projects competing with IOTA, as not only the report mentioned above shows.
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