ICONLOOP’s Technology to be applied to ‘Digital Plaza for Small Business’ Program
Greetings from the ICON Team,
The ICON Foundation is proud to announce that ICONLOOP (formerly ‘theloop’)’s core blockchain engine, loopchain, is being applied to ‘Digital Plaza for Small Business’ program. Korea Financial Investment Association (KOFIA), in which ICONLOOP is the blockchain technology partner, signed a three-party business agreement on August 13th with Korea Federation of Micro Enterprise (KFME) and Smart Fintech Research Center of Sogang University.
Small Business is an important sector of the Korea economy, representing 7 million people in Korea and 40% of the country’s employment. However, this sector has been experiencing a crisis due to competition from the large companies. ‘Digital Plaza for Small Business’ is a program that facilitates trading, smart contracts, financial services, and policy support to enhance the competitiveness for micro enterprise owners.
According to the agreement, Korea Financial Investment Blockchain Consortium is providing financial consulting, CHAIN ID, and smart contract application. CHAIN ID, which is currently being used be 11 securities firms in Korea, is the world’s first blockchain based joint authentication developed using ICONLOOP’s blockchain engine ‘loopchain’. In addition, CHAIN ID has signed a business agreement with Samsung Pass in May.
“Blockchain technology is very meaningful for the small business community and I hope that this is a chance to introduce blockchain technology to other communities in the future,” said J.H. Kim, the CEO of ICONLOOP.
ICONLOOP’s blockchain technology that will be applied to the ‘Digital Plaza for Small Business’ program is expected to mitigate the cryptocurrency price volatility by implementing a stable coin method and to improve security by using CHAIN ID.
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