SBI Savings Bank Partners with DAYLI Intelligence for a Blockchain Boost in AI and FinTech
The Asian continent has popularly been split on the concept of cryptocurrency, but blockchain technology has been able to thrive greatly. South Korea has been one of the biggest campaigners to use blockchain tech, and their SBI Savings Bank is on board.
In fact, on September 4rd, the company decided to sign a memorandum of understanding with DAYLI Intelligence.
DAYLI Intelligence specializes in the advancement of AI technology and blockchain technology, but with special interest in financial institutions. Based on the press release, DAYLI will most likely help SBI to setup their own blockchain, helping their machines to learn the system for the best efficiency. With the right implementation, it can help the company to reduce cost for both products and services
Most of this process is based around a protocol call “LoopChain,” which will integrate it into the ICON ecosystem. All their solutions to their blockchain concerns will be a result of this integration, though the project will primarily focus on connecting SBI to different blockchains through their decentralized network.
The structure is designed with a distributed ledger, smart contracts, and other layers that will help the company engage in multiple use cases. The ability to take on authentication systems, Internet of Things, and trading all make SBI more in touch with the fintech world. As SBI brings in these features, they will also work on their both (DAVinCI BOT), along with the corresponding machine learning data analytics tool (DAVinCI LABS).
Based on the statement from an official with SBI Savings Bank said that,
“The MoU is part of the decision to integrate the development of fintech into the institution, catching up to the rapidly changing financial environment. The last few months have brought many advancements for the regulatory and legislative space for South Korea, which makes this a great time to jump into blockchain”.
Back in May, South Korea’s government announced their intention to eliminate the ban on ICOs, though this decision is still being debated by the National Assembly. In the meantime, the government seems set on the decision to establish their “Blockchain Island,” in the way that Malta has established their own “blockchain city.”
As all these changes are taking place, regulators are working on improving the legislation that governs the advancement of blockchain technology, so it can be used with greater ease. There are three ministries that are trying to establish a final decision on the new classification scheme for the blockchain industry.
To eliminate the loyalty scheme, one province has decided to establish a blockchain-based digital currency of their own.