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Small and Medium-sized Business Goes Blockchain in South Korea

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Blockchain

South Korea

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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Last updated:

June 25, 2023

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A major association of South Korean small and medium-sized businesses (SMBs) has signed a memorandum of understanding with a blockchain venture – potentially allowing for blockchain technology-powered peer-to-peer lending and real-time business transactions.

The Federation of Professional Economic-person Societies, a union of South Korean SMBs with links to several government ministries, said on April 13 that it had signed a deal with Qnapse, a company that has previously worked on blockchain platforms for law firms and other bodies.

The union says its forthcoming platform will allow for real-time transactions on Qnapse’s QCoin network, with credit card-guaranteed blockchain-based inter-SMB lending and purchasing options. These options, say the union, could eventually do away with companies having to wait for periods of up to a few days for credit card transactions to clear – often an obstacle for South Korean SMB operations.

Qnapse has had an active last few months. In March, the company struck a deal with Hyupsung University, in Hwaseong, Gyeonggi Province. The deal will see the university issue degree certificates on a blockchain platform in order to ensure authenticity, and could also see the university begin offering blockchain-themed education courses.