Financial Supervisory Service Signs Agreement Using the Cyberdigm–ICONLOOP Electronic Contract Platform

Financial Supervisory Service Signs Agreement Using the Cyberdigm–ICONLOOP Electronic Contract Platform

The agreement was arranged as part of the Financial Supervisory Service's RegTech and SupTech innovation strategy: it establishes a system that blocks loan-fraud spam messages before they reach consumers, reducing harm to financial consumers and easing the nuisance of spam messages through cooperation among the participating organizations.

For the "Agreement to Eradicate Bank-Impersonating Loan Fraud and Illegal Loan Advertising Spam Messages," the Financial Supervisory Service and 20 other partner organizations — 21 in total — signed not on paper but on tablet PCs, using an approach built on blockchain technology.

The service used at the signing ceremony was Chain SIGN, the first blockchain-based contract platform, jointly developed by Cyberdigm and ICONLOOP. Each agreement document electronically signed by the Financial Supervisory Service and the other organizations carries its own unique hash value and is managed more securely through forgery and tampering verification on the blockchain.

"To use blockchain safely as it emerges as a technology of trust, a technical review of security measures is essential," a Cyberdigm official said. "Through continued technical collaboration with ICONLOOP, we plan to deliver services such as contracts, evidencing, and certification more conveniently and securely via blockchain rather than PKI or timestamps."

"As understanding of blockchain deepens, the need to adopt blockchain technology is growing across a wide range of fields," an ICONLOOP official added. "We will apply blockchain technology to every field that requires trust and gradually expand the ecosystem."

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