Taipei Fubon Bank announced on the 13th that it launched a blockchain payment application scenario at National Chengchi University. This move makes Taipei Fubon Bank the first bank in Taiwan to offer commercially viable blockchain payments.
In order to solve the peak situation of teachers and students dining at noon, Fubon Bank launched blockchain payment, which allows teachers and students of Zhengzhou to check out without cash. Teachers and students only need to use Lucky Pay in the Fubon Mobile Bank App to scan the merchants After QR Code, you can consume. According to the statistics of Taipei Fubon Bank,Within 2 weeks after the blockchain payment was launched, the number of transactions of cooperative merchants near Zhengda University increased by 4 times.
The blockchain payment service launched by Taipei Fubon Bank is behind the blockchain technology provided by AMIS Accounting Network. This technology is based on the new algorithm published by AMIS Accounting Network - Istanbul Byzantine Fault Tolerant Algorithm (Istanbul BFT). The algorithm was released by AMIS Accounting Network in July 2017. The company claims to break through the challenges that Ethereum technology currently faces in the consensus algorithm (Consensus Algorithm), and develop Istanbul Byzantine Fault Tolerance suitable for financial practice needs The application of the algorithm (Istanbul BFT) will be applied to JP Morgans Quorum financial blockchain platform.
Liu Shiwei, founder and CEO of AMIS Account Networking Company, once said, “Compared to the commonly used workload verification (or commonly known as ‘mining’) consensus algorithm on public blockchains, PBFT (Practical Byzantine Fault Tolerant) is used in many Significant improvements have been made upwards. For example, the final confirmation of distributed ledger records, and the reduction of confirmation time from the current tens of minutes (Bitcoin) or tens of seconds to less than one second, and can also reduce power consumption .For financial institutions trying to deploy consortium blockchains in the financial application field, PBFT is the most suitable consensus algorithm for commercial operations.
Taipei Fubon Bank stated that the decentralized nature of the blockchain payment system reduces the payment time to the second level, thus saving consumers the time to pay and stores to change money. In addition, the amount of each transaction of consumers will be encrypted and recorded in the back-end blockchain system in real time. Merchants can query the complete transaction records through the blockchain ledger, simplify the accounting process, and further save costs. Taipei Fubon Bank stated that the next stage will be to expand the blockchain payment to stores and business districts around National Chengchi University in a concentric circle.
Compared with the domestic situation where Alipay payment and Weixin payment dominate the world, the National Chengchi University in Taiwan can be said to have directly crossed from cash checkout to blockchain-based payment. what a feeling. For the payment system based on blockchain technology, the most critical thing at present may be the transaction speed, especially for small transactions in the dining scene like the one above, the transaction speed is very important.
