Taiwan Bank launched ethereum-based blockchain payment system
The Taipei Fubon Commercial Banking institution has launched first ever blockchain powered payments system for retail purposes in Taiwan.
Local sources reported the bank has announced the deployment of payment system for restaurants and merchants on Sunday. They started developing the blockchain platform in March 2017. The bank is allowing blockchain payments system in restaurants and cafés near the National Chengchi University, a national research university based in the country’s capital. The bank signed the partnership with the university on March 2017. They together introduced a joint project called ‘Key Technology and Engineering R&D for Blockchain Payment Network’.
The banking platform runs on the Ethereum blockchain by making use of the Istanbul Byzantine Fault Tolerance algorithm. The platform ultimately helps to reduce the cost and ensure transparency in transactions. The merchants will be able to check transactions in real-time. Each transaction is encrypted and recorded in a blockchain which cannot be tampered easily. This will increase the overall efficiency and transparency.
Before going live as payments platform, they took almost 6 months to develop and integrate the system in October 2017.
The deployment of the platform will explore a good scope only when Taiwan’s government and New Central Bank accepts and encourage researches in blockchain technology for country’s payment infrastructure.
Incoming governor Yang Chin-long, “The Bank will also try to explore the feasibility of enhancing the security and efficiency of payments systems using decentralized blockchain technology.”
City of Taiwan’s recently announced their plan to utilize ledger technology to turn city’s capital into a “smart city”. They are intended to apply blockchain technology in areas including healthcare, electric vehicle charging using feeless micropayments, monitoring air quality for pollution levels and in various other fields.
Image source: Taipei Fubon Bank