Blockchain POS (Point of Sales) system that settles payments through cryptocurrencies is set to be developed.
FANTOM Foundation (CEO An Byung-ik) recently made a strategic partnership with POSBANK, which is the top POS business in South Korea. Their partnership is based on vitalizing FANTOM’s blockchain ecosystem. FANTOM is third-generation blockchain technology. FANTOM’s goal is to implement an environment where FANTOM technology is used for payments at offline stores that have POSBANK’s POS systems. It is also planning to introduce blockchain-based Smart Contract system.
FANTOM Foundation has SikSin, Korea FoodTech Association, TCM< Blockchain Partners, ORACLE, SL Blockchain Partners, and SoftBank Commerce Korea participating as co-developers and co-partners. It is pushing for a project that will develop third-generation blockchain infrastructure.
FANTOM and POSBANK are planning to apply their project to food technology industry first. They are planning to introduce Smart Contract-based payments, table order, and delivery agency, and food resource order service at 5,000 restaurants in South Korea. They are also looking to enter foreign markets as well starting with Indonesia.
“We are preparing to register our exchange after succeeding in ICO (Initial Coin Offering) recently with 100% foreign investment.” said CEO An Byung-ik of FANTOM Foundation. “We are going to launch our offline store payment service by end of this year while working with POSBANK.”
Staff Reporter Choi, Jonghee | choijh@etnews.com