Korea’s integrated financial regulation body has concluded its first business agreement with a financial firm using a blockchain-based contract platform.
ICONLOOP announced Tuesday that a recent anti-spam agreement concluded between the Financial Supervisory Service (FSS) and Korea Internet and Security Agency on one side and 15 banks on the other used Chain SIgn, a blockchain-powered contract signing solution co-developed by ICONLOOP and contract management platform Cyberdigm.
The deal aims to build a system to block illegal spam messages advertising loans and to reduce through cooperation the harm and inconvenience to financial consumers resulting from spam messages.
The FSS and other cooperative entities signed the deal at a signing ceremony using a tablet computer and Chain Sign. The solution saves the signatures of the participants as unique hashes on the blockchain, securely managing them by preventing forgery and tampering.
At Medium, “panel” described Chain Sign thusly:
“Chain Sign is a contract signing platform built by ICONLoop and Cyberdigm, a specialized contract management platform. It is used to reduce the costs of current contract processes, eliminate the lack of trust in notaries, and increase the security behind contract processing. Chain Sign will create legally binding contracts integrated with smart contract technology. It will be used primarily for frequently-repeated contracts such as rent or utility bills, which will be automated through smart contracts and stored on an immutable ledger.”
ICONLOOP Communication Team Lead Minhwan Kim says, “As understanding of blockchain increases, there is growing demand to adopt the technology in various sectors. We will continue to expand the ecosystem by applying blockchain technology to all sectors that require trust.“