On August 25, 2020, Simcord LLC and Eastern Ukrainian Bank Grant JSC signed Memorandum of long-term partnership, consolidation and coordination of actions on implementation of the blockchain technology in the banking sector.
The main goal of this cooperation is to create a working group on technical implementation of Simcord’s products in the banking sector, in particular the use of the distributed ledger technology (blockchain) to record transactions on the disposal of funds in a bank account. Among the priority tasks of the working group is the development of a legal model for managing the rights to the funds of a customer of a financial institution, which shall meet all the requirements of banking license as well as current legislation in this field.
Such cooperation is mutually beneficial since the successful introduction of Simcord’s products in the banking sector meets its development plans and the Bitbon System Roadmap as well as the plans of Bank Grant regarding the use of new technologies in its operations.
In the long term, such digital assets will become a new type of blockchain-based bank agreements allowing implementation of a new way of financial management.