Popular Taipei Fubon Commercial Bank in Taiwan has reportedly rolled out payment system based on Ethereum Blockchain which will be used in the retail sector. This is first of its kind in the country to successfully launch such a system as written by local media Taipei Times.
As per reports, the blockchain based payment system was deployed on May 13, specifically for restaurants and merchants near National Chengchi University. The bank had made an agreement with University in March 2017 for developing ‘Key technology and engineering R&D for blockchain payment network’. The joint collaboration ended with development to launch working model of the payment system.
The payment platform developed by University is running on Ethereum based network and know to be powered by Istanbul Byzantine Fault Tolerance algorithm.
The highlighting aspect of this payment system is that the algorithm in use saves and reduces transaction time drastically. As claimed by Bank. the transaction time is less than one second thereby harnessing the power of blockchain. Additionally, the merchant will also have the option to verify the transaction in real time which will be stored in encrypted format.
The statements from the bank also mentioned that during the experimental period near University zone, the transaction volume increased almost up to four-fold. Taiwan Bank states that it intends to expand its blockchain based payment system to stores and businesses across the Chengchi area.
Governor Yang Chin is confident in exploring blockchain technology and had made a statement earlier this year,
“The Bank will also try to explore the feasibility of enhancing the security and efficiency of payments systems using decentralized blockchain technology”
The Taipei city is also focused to make it a ‘Smart city’ by using blockchain technology in areas including healthcare, electric vehicle charging using feeless micropayments, monitoring air quality for pollution levels and more.
What do you think about this blockchain based payment platform? Let us know your thoughts in comment section below.
