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Taiwan Bank Deploys a Blockchain Payment System Based on the Ethereum

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Taipei Fubon Commercial Bank, a private Taiwanese commercial bank, reportedly launched a blockchain-powered payment system for the company. 39, retail use, a first in the country.

According to a local report from the Taipei Times, the private sector bank announced on Sunday the roll-out of the payment system for local restaurants and traders after the development of the platform began in March 2017. Specifically, Bank deploys blockchain payment system in merchant establishments and restaurants near Chengchi National University, a national research university based in the country's capital.

The bank first signed a partnership with the university in March 2017, announcing a joint project called "Key R & D in Technology and Engineering for Blockchain Payment Network". During trials conducted on the campus of the university, the blockchain payment platform increased the volume of transactions between participating merchants who sold meals to students by a factor of four.

According to a local report, the payment platform runs on the Ethereum block chain using Istanbul's Byzantine fault tolerance algorithm, which allows it to significantly reduce and reduce the times and transaction costs.

The bank argues that settlement deadlines take less than a second on the network, highlighting the benefits of adopting a blockchain-powered system. In addition, merchants will also be able to check transaction records in real time, with each transaction encrypted and stored in an immutable distributed register, which will increase overall efficiency.

The entire project took six months before the bank began to integrate the system in October 2017 before becoming a payment platform around the university in recent weeks.

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Taipei also adopts a "smart city" initiative with blockchain technology

While the deployment of the payment platform is relatively limited in its current reach to businesses near. the university, the development comes at a time when the new governor of the central bank of Taiwan pointed out that the authority would keep "open minded" to new technologies, including the search for technology blockchain for the country's payment infrastructures.

"The Bank will also attempt to explore the feasibility of improving the security and efficiency of payment systems using decentralized blockchain technology," said new governor Yang Chin- long at the beginning of the year.

Taipei City authorities have already announced their intention to use blockchain technology to turn the city's capital into a "smart city" with many applications in the fields of health, cargo loading and electric vehicles, the quality of the air. levels and more.

Pictures of the city of Taipei from Shutterstock.

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