Fubon Commercial Bank, an exclusively held bank in Taipei has allegedly become the first banking institution in Taiwan to set up a blockchain payment mode, reported yesterday.

The bank proclaimed that it deployed its blockchain payment system for merchants and restaurants within the vicinity of National Chengchi University. Fubon Commercial Bank first exposed its plans to bring in a payment network that is based on blockchain in March last year when it signed an agreement with the school to do” key technology and engineering R and D for blockchain payment network”.

Operating on the network of Ethereum, the blockchain-operated payment application applies the BFT or Byzantine Fault Tolerant consensus protocol that decreases payment time, and what is more save a lot on the expense of the transaction. Taipei Fubon Commercial Bank also made a statement that the algorithm as lessen transaction period to less than 1 second. This is good news for those who have a busy and hectic life. This is also highly beneficial for people who love to buy products and services online. The implementation of the blockchain payment mode will surely make the life of everyone in Taipei easier and stress free.

The newly-presented blockchain deployment also gives an improved way of recording transaction information. Every transaction is automatically and instantly encrypted and documented on the blockchain and business and traders will be able to ask the whole records of transactions by means of the blockchain account book.

Taipei Fubon Commercial Bank said, the transaction amount of cooperative sellers and merchants in the area near the National Chengchi University has augmented over the 2-weeks time following the launch. The next step in the development of the project is to make the blockchain operated payment method bigger to the business and stores not only within the vicinity of the university but all over Chengchi area, making a demonstration section for the latest application.

Four months ago, Taipei declared that they have it mind to turn into a smart city, utilizing blockchain to give technological suggestions and advances such as health background monitoring to Taipei residents and pollution sensors as well. In February, Yang Chin-long, governor of the central bank of Taiwan commented that the bank is looking into the applications of the blockchain to enhance the efficiency as well as the security of the payment systems. This latest type of payment system will help everyone to buy products and services fast and easy without any trouble.