Dutch banking group ABN Amro has joined forces with Dutch university TU Delft to develop complex blockchain applications.

The groups said that they plan to develop next-generation blockchain technology that can deal reliably with large amounts of data and large numbers of users. They plan to develop a working application using dummy data within six months.

The project will be based on earlier blockchain technology-related work done at the Dutch university, which has been working on the technology since 2007.

All of the code developed as part of the project will be open source, they  added.

ABN AMRO innovation centre head Arjan van Os said: “We are delighted to be able to work with an expert partner like TU Delft.

“This offers us an excellent opportunity to expand our knowledge and gain a deeper understanding of the ways in which blockchain applications can be used. The fact that it is being approached from a scientific perspective makes it especially interesting.”