Visitors to South Korea’s Haeundae-gu beach in Busan can now pay with Ethereum at all beachfront shops, according to ZDNet Korea.
Last week, blockchain development company BITbeat said it had launched a crypto payment system on the Haeundae-gu beach after completing a successful trial. This project aims to help improve the convenience, transparency and reliability of crypto payments.
“We hope that the virtual currency used in the Haeundae-gu Beach System will be used more widely in real life. We will try to provide a virtual currency payment environment that [lebih baik], “
BITbeat Group said
Beachgoers can purchase umbrellas, life jackets and surfboards while also paying for water sports activities. Ethereum and Musiconomi based on the Ethereum blockchain feature as a payment method and can be used in all wallets that support ERC20 tokens (term for currencies that are based on and adhere to the Etherum token standard).
Every Store Has a QR Code in the Form of an Address Wallet
The beach shop displays a QR code that refers to the wallet address, which customers can access via an Ethereum-backed wallet. Payments can also be made using Bitcoin.
BITbeat says the time it takes from payment to ticket issuance is estimated to be between 5 to 10 seconds, based on factors such as QR code recognition and internet speed. It added that the “process has been streamlined” to prevent long waiting times for approval.
The move comes as South Korea hopes to capitalize on the use of blockchain technology and cryptocurrencies in an economy hit by the coronavirus pandemic. The Seoul government is in talks to start a $400 million blockchain fund to spearhead relevant use cases. Including contactless payments like the Haeundae-gu beach project.