Author: Gan Jia Ci
Taipei Fubon Commercial Bank will be the first Taiwanese bank to adopt a blockchain-based payment system for restaurants and merchants nearby National Chengchi University. According to Taipei Times, development plans have been launched since March 2017.
According to the bank, the blockchain-based payment system runs on the Ethereum network and will use the Istanbul Byzantine Fault Tolerance (BFT) algorithm to conduct transactions in less than one second, cutting costs. It will also help to promote mass adoption.
The bank mentioned that enterprises will benefit from the improved bookkeeping methods through these payment systems. Every transaction will immediately be encrypted and recorded on the chain, where merchants can retrieve complete transaction data via the blockchain account book.
The bank also stated that the number of transactions in the region near National Chengchi University has increased fourfold by the second week of system launch. They declared that the following development plans will be to expand the blockchain-based payment system to enterprises in the Chengchi region.
In recent news, Taiwan’s new central bank governor, Yang Chin-long, also declared that the central bank will be considering adopting blockchain for payment services, reported by CCN in February. Taiwan is reportedly exploring cryptocurrencies and ICOs to foster economic development, according to Taiwan’s Financial Supervisory Commission chairman Wellington Koo.
In January, Cointelegraph reported that Taipei aims to achieve the goal of being a “smart city” by utilising blockchain systems. They partnered up with IOTA to provide technological services for their citizens.