/First Blockchain Payment System Is Launched By Taiwanese Taipei Bank

First Blockchain Payment System Is Launched By Taiwanese Taipei Bank

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Private Taipei Fubon Commercial Bank has allegedly turned into the first bank in Taiwan to convey a blockchain-based installment framework, local media Taipei Times reported on May 14.

The bank announced that it deployed its blockchain-based payment system for restaurants and merchants near the National Chengchi University. Taipei Fubon Bank first revealed its plans to introduce a blockchain-based payment network in March 2017 when it signed a contract with the university to carry out “key technology and engineering R&D for [a] blockchain payment network.”

Working on the Ethereum (ETH) network system, the blockchain- powered installment and payment application executes the Istanbul Byzantine Fault Tolerant (BFT) agreement convention, which lessens payment times, and in addition saves money on the cost of transactions. As per the bank, the calculation has sliced transaction times up to less than one second.

The recently launched blockchain development likewise gives an enhanced technique for recording data transactions. Every transaction is right away encoded and recorded on the blockchain, and traders will have the capacity to require complete and terminated transaction records via blockchain account book.

According to Taipei Fubon Commercial Bank, the transaction volume of cooperative merchants in the zone near the university has quadrupled over the two-week period following the launch. Taipei Fubon Bank states that the next stage in the project’s development is to expand the blockchain-powered payment system to stores and businesses across the Chengchi area, creating a demonstration zone for the new application.

Taipei reported that they plan to transform into a ”smart city,” utilizing blockchain to ensure innovative advances like contamination sensors and wellbeing history following to nationals. In February, the legislative head of Taiwan’s national bank Yang Chin- long announced that the bank is investigating blockchain applications to enhance “the security and productivity of payment systems.”