Private Bank Taipei Fubon Commercial Bank became the first Bank in Taiwan, launched a payment system based on the blockchain. On 14 may, local media reported the Taipei Times.

The Bank of Taipei has launched its own blockchain payment system for restaurants and shops located near the National University Chance with whom the Bank cooperates in the area of “development of key technology and engineering research for the blockchain payment network”.

Payment application based on the Ethereum Protocol implements the algorithm of consensus BFT (byzantine fault tolerance), which reduces the time and cost of transactions. According to the Bank, the use of this algorithm reduced the time of payment to less than one second.

Additionally, the system provides a more efficient method of recording data on transactions: each transaction is instantly encrypted and written to the blockchain, and sellers can get quick access to complete information about the committed transactions.

According to the Taipei Fubon Commercial Bank, two weeks that have passed since the launch, the volume of transactions sellers in the area near the University increased four times. The next stage of the project will be the inclusion in the blockchain payment system of shops and businesses in the area Cenci, which will create a demonstration area for the new application.

Recall that in January, Taipei has announced plans to create a “smart city” technology IOTA.

In addition, in late February, the new head of the Central Bank of Taiwan, Yang Jin-long (Yang Chin-long) said that the Bank will consider the possibility of using the blockchain to enhance the safety and efficiency of the electronic payment system of Taiwan.