Taiwan is about to host the world’s first music festival with blockchain technology to support cashless payments on site.
As one of the world’s largest independent music festivals, Ultra Taiwan 2018 not only has the world’s top electronic dance DJ and avant-garde visual experience, they also became an example of practical application of blockchain technology this year.
Payment cards can be used at 35 stores at the event site
Pundi X, a provider of blockchain technology for payment systems, has prepared more than 30,000 XPASS cards for the Ultra Taiwan 2018 participants. The card contains Ultra Coin tokens, which can be used at more than 35 stores at the event.
Pundi X is the developer of blockchain-based technology for point-of-sale (POS) devices that allows stores to accept consumer purchases in digital currencies. The Pundi XPASS cards will be sold to the participants on-site, which they can pay use it to purchase drinks, food, and items at the stores where XPOS is installed.
Pundi XPOS is a blockchain-based terminal that allows retailers to quickly process cashless transactions. In this activity, Ultra Coin is used in the transactions, but this token can only be used during the two-days Ultra Taiwan 2018 event.
Zac Cheah, CEO and co-founder of Pundi X, said:
“Although we have witnessed the rise of trading using blockchain technology in recent years, we are still arguing whether we can use digital currency for actual daily payments. However, in less than two weeks, you can see more than 30,000 active participants using the Pundi X blockchain technology to pay for drinks, foods and commodities. The application of blockchain combined with familiar payment methods, the promotion of cashless payments is not as complicated as imagined. We are very proud to offer our technology for this large event, this is an important milestone.”
Ultra celebrated its fifth anniversary this year and held a two-days festival at Taipei’s Dajia Riverside Park. The DJ lineup includes Alan Walker, DJ Snake and Pan-Pot.
In January this year, Pundi X raised $35 million through Initial Coin Offering (ICO) to raise funds for manufacturing equipments. Within six months, they expanded their business globally and moved into the retail markets , which include Singapore, Switzerland and South Korea, and other retail partners. Pundi X’s goal is to sell 100,000 POS devices in three years and at present, they sold nearly 5,000 orders, with the total number for pre-order at nearly 20,000.