Taiwan Bank started to use a payment system based on Ethereum

Taiwan Bank, Taipei Fubon Commercial Bank started to use a payment system based on the Ethereum blockchain. While the system is under test and use it can only establishments located in the area of National Chengchi University. The Bank said that the launch can be considered successful, as two weeks after starting the system the volume of transactions in the selected test area is increased 4 times.

According to the Bank, the use of blockchain Ethereum has reduced the processing time of a transaction to less than one second. In addition, all information about transactions is stored in the blockchain that allows sellers to get quick access to complete information about the committed transactions.

On his plans for the introduction of an innovative system, the Bank said in March 2017: the company signed an agreement with National University about the research and development of this solution. The next step will be the expansion of technology in the area Cenci and demonstration area.

In January of this year, the government in Taipei announced
on cooperation with IOTA for the implementation of the system of identification of citizens in the framework of the «Smart city». Until November of this year the government plans to
to develop and implement rules to regulate the cryptocurrency, which will be aimed primarily at combating money laundering.

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