Credit Agricole CIB and SEB, two major European banks, have collaborated to develop “sobond”, a blockchain platform dedicated to digital bondsfocused on efficiency and the promotion of sustainability in traditional finance.
The objective of this initiative is toimprove efficiency and facilitate real-time data synchronization in the traditional finance industry. Sobond will allow companies to raise capital through the issuance of digital bonds on the blockchain.
By using smart contracts, users can manage securities and raise funds more efficiently. Although other projects are also exploring the application of blockchain in traditional markets, sobond’s launch timeline remains unclear.
To ensure that the platform remains sustainable and open, Credit Agricole CIB and SEB have adopted a unique validation protocol called Proof of Climate awareness (PoCR). The protocol encourages users to reduce their environmental footprint by offering rewards based on their climate impact. The lower the footprint, the greater the reward.
PoCR aims to achieve energy consumption levels similar to those of non-electric systems. blockchain. Each node in the network receives compensation according to a formula linked to its environmental impact. The environmental footprint of the platform is measured by the APL data center of France and validated by the certification expert SGS. Sobond marks the first implementation of the PoCR protocol in global capital markets.
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