Taiwan Blockchain Payment System based on Ethereum. First Block-Chain Payment System is Introducing by Taipei Bank. A New Way Country based on Ethereum Block-Chain
Also read, 7 uses of Bitcoin that you don’t know.
Taiwan Blockchain Payment System
A private Commercial Taiwanese Bank- Taipei Fubon Bank for the first time has reportedly launched a Block-Chain-powered payments system for retail usage. This Bank is set to be a strong option in the Entire Country because it is dealing with Financial Holdings.
According to the Taipei Times on 14th May 2018 it states that Taiwan to deploy a Block-Chain-based payment system. And with this firm reports on Social Media Taipei Fubon became the first Bank.
The Block-Chain Payment application will be using the Ethereum Networks. Because this Distributed Computing Platform – ETHEREUM is a decentralized platform so it will also enhance the recording of Data Transactions which will result in invoices, payments, and other Financial Orders
These transactions are instantly encoded into information and recorded on the Block-Chain.
The project started up in October 2017 and it came into news late on 14th May only defining that Platform runs on the Ethereum Block-Chain by utilizing the Istanbul Byzantine Fault Tolerance algorithm, enabling it to scale and drastically reduce transaction times and costs.
- The Ethereum makes the Process of creating Block-Chain Applications much easier and efficient ever than before. Instead of creating and developing the entire new applications, for this reason, Ethereum process the development of running thousands of applications all on one platform only.
- The Block-Chain developers based on Ethereum process will create alternative transaction formats and different ways to transfer states platform for Taiwan Country.
This platform will help in passing the encrypted information about the Users and Customers which surely is of no use for the Hackers. The structure of Ethereum Block-Chains very much similar to Bitcoin Network Chains.
The Taiwan Bank announces by deploying its Block-Chain based payment system for restaurants and merchants near the National Chengchi University. Taipei Fubon Bank first revealed its plans to introduce a Block-Chain-based payment network in March 2017 when it signed a contract with the university to carry out “Key Technology and Engineering R&D for Block-Chain Payment Network.
In accordance to Taipei Fubon Commercial Bank, it clearly indicates that the volume of transaction of agreeable traders and merchants in the closed Zone to the National Chengchi University has increased over the two-week time period.
Taipei Fubon Bank announces “that the following stage in the venture’s improvement is to extend the Block-Chain Controlled Payment System to stores and organizations over the Chengchi territory and making a demonstration zone for the new application.