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Press Release

Signed a business agreement with the Financial Supervisory Service using the Cyberdigm-ICONLOOP electronic contract platform

2020-01-14 18:27
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.

ChainSign says “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 says, “As the 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.“