Taipei Fubon Commercial Bank in Taiwan has introduced a blockchain-based payment system for retailers. The blockchain powered payment system is intended for use by local restaurants and merchants. The current establishments using the blockchain system are centralized around the National Chengchi University in the country’s capital.
According to a local report, the payments platform runs on the Ethereum blockchain by utilizing the Istanbul Byzantine Fault Tolerance algorithm, enabling it to scale and drastically reduce transaction times and costs.
The bank contends that transaction settlement times take less than a second on the network, underlining the benefits of adopting a blockchain-powered system. Further, merchants will also be able to verify transaction records in real-time with each transaction encrypted and recorded in an immutable distributed ledger, increasing overall efficiency.
You can read more about it at satoshi.press.