Ultra Taiwan 2018, one of Asia’s hottest electronic music festivals, will be the world’s first to use blockchain technology for onsite transactions according to the press release on August 20, 2018.
Pundi X to Test Real-World Use of Blockchain Technology
Pundi X and Ultra Taiwan 2018 have entered into an exclusive partnership to release over 30,000 XPASS cards that can be used at 35 different festival stalls this September. The Pundi cards will give consumers the ability to easily purchase merchandise, foods, and goods, as long as there is an XPOS system installed.
Pundi X point-of-sale (POS) is a blockchain-based terminal that works in conjunction with the XPASS card. Retailers can process quick, cashless transactions using the terminal, while consumers can purchase goods in cryptocurrencies. The XPOS system will be installed on the festival grounds and will process Ultra Coin. Ultra Coin is the cryptocurrency token used in the Ultra Taiwan 2018 event.
“While we have witnessed the rise of using blockchain technology for transaction in recent years, debate continues about their use for real-world payments,” said Zac Cheah, the CEO and co-founder of Pundi X.
“In a little more than two weeks, these doubts can be laid to rest when 30,000 party goers against the hectic backdrop of this year’s Ultra Taiwan festival pay for drinks, food, and merchandise using Pundi X Technology.”
Cheah went on to state that they were extremely proud to be the first team to bring blockchain-based payments to a large international festival. While it’s a significant moment for Pundi X and Ultra Taiwan 2018, it also marks an excellent example of mass adoption for the burgeoning sector.
In August 2018, Pundi X has also shipped many of its POS devices to the international retail market in Korea, Singapore, and Switzerland. They are targeting an extensive rollout of over 100,000 blockchain-based devices to the global market. In January 2018, the crypto POS solutions provider managed to raise $35 million in a public token sale.