South Korea’s Qworld, headed by Ko Do-hyoung, has introduced the QRC System for simple payments that will be powered by blockchain technology.

With the system, users can do QR scanning to settle overseas fund transfers.

The system supports a QRC account number for enabling remittances in real time, irrespective of the currency or location.

Users are not charged transfer fees.

The system supports RMB, USD, KWN as well as mainstream crypto currencies.

Security concerns are addressed with a risk management system and an automatic operation and maintenance system.

The back ends of the systems are designed to store payment records and track them if suspicious activity is detected.

Encryption of the stored data offers an additional security layer.

“QRC adopts a hardware wallet for 100% of all currencies, and each user has an encrypted storage currency with a unique ID,” the firm noted.

Moreover, the system does not set a cap on the payment and deposit amount.

Qworld has inked a listing agreement with BKEX Exchange.

“It’s good that QWorld has been recognised by BKEX Exchange, the world’s largest trading platform. BKEX is a global exchange with more than 2 million members. The listing agreement between Qworld and BKEX may enable Qworld to realise its vision faster,” the firm said.