iota - IOTA Teams Up with SinoPac to Work and Innovate in the Financial Sector

IOTA Teams Up with SinoPac to Work and Innovate in the Financial Sector

One of the most important networks in the market, IOTA, and SinoPac have signed a Memorandum of Understanding (MoU) with the intention to collaborate and explore the new digital innovation landscape that has been made possible by the Tangle technology.

The information has been released by Holger Köther, Head of Partnerships at the IOTA Foundation, on June the 22nd on a blog post.

SinoPac and IOTA Sign MoU

The MoW signed by the IOTA Foundation and SinoPac comes into effect immediately and will be allowing these two companies to be at the forefront of the innovation process.

SinoPac is an important Taiwan-based financial holding company that operates in the Asia Pacific region. The company has been exploring blockchain solutions since some time and now is collaborating with IOTA. With this MoU, SinoPac aims to test IOTA’s Tangle and other distributed ledger technologies. SinoPac 300x200 - IOTA Teams Up with SinoPac to Work and Innovate in the Financial Sector

Wilfried Pimenta de Miranda, Head of Business Development at the IOTA Foundation, commented:

“IOTA is thrilled to see SInoPac take their notary certification platform to the next level. It not only demystifies IOTA’s potential to use the Tangle in a wide variety of corporate products and services, but also demonstrates the increasing practical and real world usage of distributed ledger technology in the financial sector.”

SinoPac has been developing its notary solution known as iCertificate, that uses IOTA’s Tangle and its data immutability. The solutions applies to all kind of digital documents for both public and private sectors. The main purpose of it is to ensure data security and portal convenience. Moreover, it creates the hash as a unique fingerprint and sings it with the issuer’s private ley so as to encrypt the digital document.

“iCertificate is an always needed notary service in digital certification application, not only in education or public utilities territories, but in trading and supply chain industries,” says Tina Chiang, SinoPac Senior Executive Vice President, Chief Digital & Technology Officer.

She explains that with IOTA’s support, SinoPac developed a flexible and extensible service that consolidates the bothersome landscape of many individuals and different digital certification authorities into one platform.