Issuing the world's first blockchain promissory note

Eugene Turingen State Bank, one of the four banks in Germany that is participating in the cooperation, is the first of its kind in the blockchain.

It announced that it succeeded in issuing promissory notes using its platform. Process for issuing promissory notes with this promissory note

It said it was saving more than 50 percent of its costs.

It is an independent ledger system called Finishedger that is used in this platform.

According to Eugene Turingen State Bank, the process of issuing blockchain-based promissory notes is a cost-benefit process.

It's more than 50 percent less. What's being used on this platform is a proprietary ledger.

This technology eliminates the need for the recipient of the promissory note to keep the documents, so the issuer doesn't have to trust the assets.

It's a lost effect. Moreover, banks will reduce the risk or cost associated with the process of issuing promissory notes.

The banks involved in the trial may be Eugene Turingen State Bank, Dekasen Turingen State Bank,

DWS Bank and DZ Bank are participating and aim to spread it to the entire industry in the future.

"As digital technology advances, we're seeing more convenient services tailored to them," said Peter Tenbohen, director of DZ Bank.

They say demand is rising, and they're bringing together the technologies of these four banks to create a new platform with automated processing capabilities.

We can provide it."

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