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.