IOTA Foundation has entered a partnership with SinoPac, a major financial holding company in Asia, that would see both parties explore fintech innovations.
IOTA & SinoPac team up to collaborate on digital innovations in the financial sectorhttps://t.co/ragbbdtuj2#IOTA
— IOTA (@iotatoken) June 22, 2018
Tangle plus iCertificate: IOTA collaboration with SinoPac
In a blog post released on Friday, IOTA announced that both parties signed a MoU to innovate using the Tangle technology. Holger Köther, Head of Partnerships at the IOTA Foundation IOTA noted that the MoU which became effective immediately would position both parties as leaders of innovation in the sector.
Taiwan-based SinoPac as a major financial player in the Asia pacific region is one of the firms that have been exploring ways to improve its services offerings. It used Tangle technology developed by IOTA to develop its product, iCertificate and hopes to further explore it as well as other distributed ledger technologies (DLTs).
iCertificate can be used in both the private and public sector to guarantee data security; this is achieved through IOTA’s immutability and a special hash encryption.
Tina Chiang, Senior Executive Vice President, Chief Digital & Technology Officer for SinoPac described the importance of iCertificate. She said:
“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.”
Commenting on the MoU, Wilfried Pimenta de Miranda, Head of Business Development at the IOTA Foundation said that IOTA was thrilled to see SinoPac take their notary certification platform to the next level. She continued:
“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.”
IOTA boast many strategic partnerships including agreements with Volkswagen, and more recently, Nordic Semiconductors as it continues to innovate in the area of Internet of Things (IoT).
Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.