Memorandum Of Understanding Signed Between IOTA And SinoPac For Collaborative Effort With Tangle Technology
IOTA is a network that handles all of their transactions on a blockless distribute ledger called the Tangle. There’s no fees and supports decentralization with peer-to-peer transactions. However, they are bringing their technology to a new collaboration with SinoPac, with whom they have signed a Memorandum of Understanding (MoU). This partnership was announced by Holger Köther, who runs the partnerships that IOTA sets up, on June 22nd.
The MoU immediately is active, which means that both companies are working hard to innovate between their different technologies. SinoPac is based out of Taiwan, and they are a financial holding company that provides support to Asia Pacific. Even though they’ve been working on their own adoption of blockchain, but the support of IOTA and their Tangle technology pushes them further ahead than they are on their own. With the use of a MoU, SinoPac has an opportunity to test out how the technology works with their company.
In reference to this collaboration, IOTA’s Wilfried Pimenta de Miranda, who is the head of business development, said,
“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’s first task that they’ve taken on is iCertificate, who is a notary solution that integrates Tangle and their application of mutable data. It will be used with any kind of digital document, securing the data and making it easy to access documents from anywhere. To ensure the user’s privacy, they use a hash that is linked to the user’s key on the network. Tina Chiang of SinoPac, who is both the senior executive vice president and the chief officer of digital technology, said,
“Certificate 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.”
By getting the help they need from IOTA, SinoPac provides flexible services to consumers, using digital certification and documentation for both personal and professional use.