Ethereum-Based Blockchain Payings adopted in Taiwan Bank

A private commercial Taiwanese firm - the Taipei Fubon Commercial Bank, has run a blockchain-based payments system for retail usage, a first in the country
15 May 2018   877

As reported by the Taipei Times, this bank declared about the adoption of the payment system for local restaurants and merchants on Sunday. The bank is rolling out the blockchain fees system in merchant companies and eateries near the National Chengchi University, a national research university placed in the country’s capital.

The bank first started a partnership with the university in March 2017 revealing a joint-project dubbed the ‘Key Technology and Engineering R&D for Blockchain Payment Network’. While being tested at the university’s own campus, the blockchain payment platform assisted transaction volumes among participating merchants selling lunch-time food to students grow four-fold.

The payments platform works on the Ethereum blockchain by utilizing the Istanbul Byzantine Fault Tolerance algorithm, making it able to scale and substantially decrease transaction times and costs. The bank affirms that transaction times take less than a second on the network, pointing out the advantages of adopting a blockchain-powered system. The project in the whole took six months before the bank began accepting the system in October 2017. In recent weeks it has been using as a payments platform all around the university.

Taipei city officials have already confirmed their intention to use blockchain technology in order to make the city’s capital into a “smart city” with an amount of applications in such spheres as health care, electric vehicle charging using feeless micropayments, monitoring air quality for pollution levels and others.

DFINITY to Postpone Internet Computer Launch

The project is currently assessing the time frame for the completion of the MVP
14 December 2018   67

The blockchain project Dfinity reported in its blog postponing the launch of its main product.

Previously, Dfinity chief scientist Dominic Williams said that his company intends to create an “Internet computer that will become cloud 3.0”, compete with Google Cloud and Microsoft Azure, and also change the face of the blockchain industry.

According to him, the project team is developing a technology that has 150 higher performance than Ethereum blockchain and 900 times - Bitcoin. In essence, the project creates a “giant Internet computer”, whose work will be supported not by one company, but by all participants of the Dfinity protocol.

Initially, the release of a minimum viable product (MVP) was planned for the first quarter of 2019. However, according to company representatives, working on a trimmed version may slow down progress in creating a complete product.

The project is currently assessing the time frame for the completion of the MVP. Also, noted in Dfinity, before the end of the first quarter a new set of development tools (SDK) will be released, which will shed light on the future plans of the company.

In August, the Dfinity Foundation attracted $ 102 million of investments in the framework of a closed tokensale. Prior to this, at the beginning of the year, the Dfinity Foundation raised $ 61 million from Andreessen Horowitz and Polychain Capital.